Alpine Capital Bank Refinances Hotel In Mott Haven, Bronx For $7.2M
346 Grand Concourse, The Bronx, New York 10451, United States
$7,200,000
$323/SF
Building Size
22,274 SF
Asset Type
Hotel
Closing
Aug 14, 2022
AI
The property involved in this closed transaction is a hotel located at 346 Grand Concourse in the Mott Haven neighborhood of Bronx. The hotel spans 22,274 square feet.
Summary of Transaction Details
- Property Type: Hotel
- Transaction Amount: $7,200,000
- Address: 346 Grand Concourse
- Market: Mott Haven, Bronx
- Lender: Alpine Capital Bank
- Landlord: REDA Group - Osher Niyazov
- Loan Type: Refinance
The lender for this transaction is Alpine Capital Bank, while the REDA Group represented the landlord, Osher Niyazov. The loan amount for the refinancing was $7,200,000.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.20%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93