Jasmin Patel Secures $28M Refinance Loan For Garment District Hotel
48 West 36th Street New York, New York 10018, USA
$28,000,000
$752/SF
Building Size
37,195 SF
Asset Type
Hotel
Closing
Jun 23, 2023
About this deal
AI
Jasmin Patel secured a refinancing loan valued at $28 million from Dime Community Bank for the hotel building located at 48 West 36th Street in Manhattan's Garment District. The property spans 37,195 square feet.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $28,000,000
- Address: 48 West 36th Street
- Market: Garment District, Manhattan
- Lender: Dime Community Bank - Mario Colon
- Landlord: Jasmin Patel
Mario Colon from Dime Community Bank served as the lender for the refinancing loan obtained by Jasmin Patel for the hotel at 48 West 36th Street. Jasmin Patel is the landlord of the property.
On the Map
$28,000,000
$752/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93