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Seth V. White's LodgeWorks Partners Refinances Archer Hotel For $60M
FINANCED
$60,000,000
New York
See Similar DealsHotel76,000 SF
Financed 06/20/2024
FINANCED
Seth V. White's LodgeWorks Partners Refinances Archer Hotel For $60M
45 West 38th Street
See Similar DealsHotel76,000 SF
Financed 06/20/2024
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$789
Total Square Footage:76,000 SF
Transaction Type:Loan
The 180-key Archer Hotel located at 45 West 38th Street in Manhattan's Garment District has undergone a significant financial transaction. Seth V. White of LodgeWorks Partners secured a $60 million refinance loan from Capitol Federal Savings Bank for this 76,000 square foot hotel property.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $60,000,000
- Market: Garment District, Manhattan
- Key Count: 180
- Lender: Capitol Federal Savings Bank
- Landlord: Seth V. White - LodgeWorks Partners
The deal involved LodgeWorks Partners, specifically operating through Manhattan LW Hotel Associates, LP, to finalize the $60 million refinance loan with Capitol Federal Savings Bank. This financial agreement was essential for the continued operation and management of the upscale Archer Hotel in Manhattan's bustling Garment District.
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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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