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Bridgeton Holdings Secures $60M Refinance Loan For 396 Broadway Hotel In Chinatown, Manhattan
FINANCED
$60,000,000
New York
See Similar DealsHotel61,219 SF
Financed 09/01/2023
FINANCED
Bridgeton Holdings Secures $60M Refinance Loan For 396 Broadway Hotel In Chinatown, Manhattan
396 Broadway
See Similar DealsHotel61,219 SF
Financed 09/01/2023
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$980
Total Square Footage:61,219 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,000,000.00
Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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