Burnett Equity Secures $71M Bridge Loan For Midtown West Hotel
FINANCED
$71,000,000
+ 3
New York
See Similar DealsHotel330,000 SF
Financed 11/10/2021
FINANCED
Burnett Equity Secures $71M Bridge Loan For Midtown West Hotel
49 West 32nd Street, New York, NY, USA
See Similar DealsHotel330,000 SF
Financed 11/10/2021
+ 3
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$215
Total Square Footage:330,000 SF
Transaction Type:Loan
Located at 49 West 32nd Street in the Midtown West market, this hotel property spans across 330,000 square feet and features 531 keys. The property was the subject of a recent closed transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $71,000,000
- Loan Type: Bridge loan
The landlord of the property is Burnett Equity, represented by Mark Beffort and Blair Humphreys. The deal was facilitated by brokers Matthew Polci, Jordan Ray, and Steven Buchwald. Additionally, Eric Michael Anton and Nelson Lee of Marcus & Millichap were involved in the transaction on the landlord's behalf.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$71,000,000.00
Monthly NOI$473,333.33
Monthly Debt Service$448,768.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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