Bridgeton Holdings Secures $60M Refinance Loan For 396 Broadway Hotel In Chinatown, Manhattan
396 Broadway
$60,000,000
$980/SF
Building Size
61,219 SF
Asset Type
Hotel
Closing
Sep 1, 2023
About this deal
AI
A hotel building located at 396 Broadway in Chinatown, Manhattan has secured a $60 million refinance loan. The property, spanning 61,219 square feet, is owned by Atit Jariwala, represented by Bridgeton Holdings. The loan was provided by Riyad Bank, a Saudi lender, and facilitated by Riyad Bank Houston Agency.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $60,000,000
- Address: 396 Broadway
- Market: Chinatown, Manhattan
- Landlord: Atit Jariwala - Bridgeton Holdings
- Lender: Riyad Bank - Chris Chambers & Roxanne Crawford
- Loan Type: Refinance
The refinance loan for the hotel building at 396 Broadway was secured by Bridgeton Holdings, represented by Bridgeton 396 Broadway Fee LLC. The loan was granted by Saudi lender Riyad Bank and facilitated by Riyad Bank Houston Agency.
On the Map
$60,000,000
$980/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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93