Dime Community Bank Refinances Garment District Hotel For $35.4M
FINANCED
$35,425,000
New York
See Similar DealsHotel56,572 SF
Financed 09/21/2022
FINANCED
Dime Community Bank Refinances Garment District Hotel For $35.4M
4 West 37th Street, New York City, New York 10018, United States
See Similar DealsHotel56,572 SF
Financed 09/21/2022
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$626
Total Square Footage:56,572 SF
Transaction Type:Loan
A hotel located at 4 West 37th Street in the Garment District of New York City has recently undergone a refinancing transaction. The property spans across 56,572 square feet, and it is owned by Chandrakant Patel.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $35,425,000
- Address: 4 West 37th Street, Garment District, New York City
- Lender: Dime Community Bank - Mario Colon
Mario Colon from Dime Community Bank served as the lender in this refinancing transaction for the hotel property located at 4 West 37th Street. Chandrakant Patel, the landlord, facilitated the refinancing deal.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,425,000.00
Monthly NOI$236,166.67
Monthly Debt Service$223,910.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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