Korman Communities Receives $92.5M Refinance Loans For Two Midtown West Hotels From Capital One
FINANCED
$92,500,000
New York
See Similar DealsHotel
Financed 04/07/2023
FINANCED
Korman Communities Receives $92.5M Refinance Loans For Two Midtown West Hotels From Capital One
42 West 58th Street & 123 West 44th Street
See Similar DealsHotel
Financed 04/07/2023
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
Korman Communities has obtained a $92.5 million refinance loan from Capital One for two hotels in Midtown West, Manhattan. The properties, located at 42 West 58th Street and 123 West 44th Street, have a combined built space of 238,244 square feet. The loan was refinanced from CIBC.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $92,500,000
- Address: 42 West 58th Street & 123 West 44th Street
- Market: Midtown West, Manhattan
- Lender: Capital One - Stephen Klufas
- Landlord: Korman Communities - Bradley J. Korman
This deal was facilitated by Stephen Klufas from Capital One for the lender side, representing the financial institution. On the other hand, Bradley J. Korman is the representative for Korman Communities, the landlord of the hotels in question.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$92,500,000.00
Monthly NOI$616,666.67
Monthly Debt Service$584,662.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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