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Masterworks Development Refinances Hotel With $60M Loan From AllianceBernstein

Property Image
FINANCED
$60,000,000

New York

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Hotel105,626 SF
Financed 05/07/2024
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Property Image
FINANCED

Masterworks Development Refinances Hotel With $60M Loan From AllianceBernstein

451 Lexington Avenue

See Similar Deals
Hotel105,626 SF
Financed 05/07/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$568
Total Square Footage:105,626 SF
Transaction Type:Loan

The hotel condo at 128 East 45th Street in Grand Central, Manhattan, with a square footage of 105,626, was refinanced for $60,000,000. The loan was secured by Masterworks Development from AllianceBernstein, facilitated through AB Commercial Real Estate Debt Fund IV, Sicav-Sif.

Summary of transation details:

  • Property Type: Hotel
  • Transaction Amount: $60,000,000
  • IMAGE: Alvaro Bolivar
  • ADDRESS: 128 East 45th Street
  • MARKET: Grand Central, Manhattan
  • LENDER: AllianceBernstein - Marguerite Brogan
  • LANDLORD: Masterworks Development - Alvaro Bolivar
  • LOAN TYPE: Refinance

The loan for the hotel condo was sourced from AllianceBernstein by Masterworks Development, with Marguerite Brogan representing the lender. Alvaro Bolivar, from Masterworks Development, played a key role in facilitating the refinance deal.

Players

AllianceBernstein
AllianceBernstein
LENDER

Details

FINANCED
IMAGE: Alvaro Bolivar DATE: 05/07/2024 ADDRESS: 128 East 45th Street MARKET: Grand Central, Manhattan ASSET TYPE: Hotel ~ SF: 105,626 LENDER: AllianceBernstein (@AllianceBernstein) - Marguerite Brogan LANDLORD: Masterworks Development - Alvaro Bolivar LOAN AMOUNT: $60,000,000 LOAN TYPE: Refinance NOTE: Masterworks Development secured a $60 million refinance loan from AllianceBernstein, facilitated through AB Commercial Real Estate Debt Fund IV, Sicav-Sif, for the hotel condo occupied by Club Quarters Hotels at 128 East 45th Street in Grand Central, Manhattan.

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Deal Type
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