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Highgate's Arash Azarbarzin Secures $116.6M Refinance Loan For NoMad Properties From Sixth Street Partners
FINANCED
$116,600,000
New York
See Similar DealsHotel
Financed 02/04/2026
FINANCED
Highgate's Arash Azarbarzin Secures $116.6M Refinance Loan For NoMad Properties From Sixth Street Partners
420 Park Avenue South & 41 East 28th Street
See Similar DealsHotel
Financed 02/04/2026
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
The asset involved in this transaction includes a hotel and a multifamily property located at 420 Park Avenue South and 41 East 28th Street in the NoMad neighborhood of Manhattan. The properties encompass the Royalton Park Avenue hotel and an 18-unit residential building, which have been refinanced as part of this transaction.
Summary of transaction details:
- Property Type: Hotel & Multifamily
- Transaction Amount: $116,600,000
- Lender: Sixth Street Partners
- Landlord: Arash Azarbarzin - Highgate
- Loan Type: Refinance
- Closing Date: February 4, 2026
- Recording Date: February 17, 2026
Highgate Hotels and BGO’s Tga II, LLC are the entities involved in the refinancing of the properties with Sixth Street Partners’ Beacon Finance 4, LLC, reflecting a significant financial repositioning in the NoMad Manhattan market.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$116,600,000.00
Monthly NOI$777,333.33
Monthly Debt Service$736,991.32
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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