Flag Luxury Group Refinances Ritz-Carlton New York NoMad Hotel With $325M Loan From Deutsche Bank
35 West 28th Street
$325,000,000
$1,073/SF
Building Size
302,689 SF
Asset Type
Hotel
Closing
Dec 22, 2025
AI
The property asset involved in this transaction is a hotel located at 35 West 28th Street in the NoMad neighborhood of Manhattan. This hotel spans a total square footage of 302,689 and is part of the Ritz-Carlton New York, NoMad condo hotel.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $325,000,000
- Lender: Deutsche Bank
- Landlord: Paul Kanavos - Flag Luxury Group
- Loan Type: Refinance
- Previous Debt: $200,000,000 from Bank OZK
The refinancing was executed by Flag Luxury Group through Rp1185 LLC, which refocused its financing strategy by securing the loan from Deutsche Bank to replace the existing debt with Bank OZK.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93