Dime Community Bank Refinances Garment District Hotel For $35.4M
4 West 37th Street, New York City, New York 10018, United States
$35,425,000
$626/SF
Building Size
56,572 SF
Asset Type
Hotel
Closing
Sep 20, 2022
About this deal
AI
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
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93