Joginder Sharma Refinances Garment District Hotel With $42.7M Loan
345 West 35th Street
$42,700,000
$458/SF
Building Size
93,090 SF
Asset Type
Hotel
Closing
Jun 28, 2024
About this deal
AI
The hotel building at 345 West 35th Street in Manhattan's Garment District, with a square footage of 93,090, recently underwent a refinancing transaction. Randy Reiff of Allegiant Real Estate Capital provided a $42.7 million loan to Joginder Sharma for this property.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $42,700,000
- Lender: Randy Reiff - Allegiant Real Estate Capital
- Landlord: Joginder Sharma
- Representative: Eros Management & Realty, LLC
- Loan Type: Refinance
Joginder Sharma, represented by Eros Management & Realty, LLC, successfully secured the $42.7 million refinance loan from Allegiant Real Estate Capital, facilitated by Randy Reiff and Allegiant Capital Funding, LLC. This deal highlights the collaboration of key individuals and entities in the real estate financing sector.
On the Map
$42,700,000
$458/SF
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93