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Hersha Hospitality Trust Secures $51M Refinance Loan For Hotel 48LEX In Midtown East, Manhattan

Property Image
FINANCED
$51,000,000

New York

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Hotel67,316 SF
Financed 08/30/2023
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Property Image
FINANCED

Hersha Hospitality Trust Secures $51M Refinance Loan For Hotel 48LEX In Midtown East, Manhattan

517 Lexington Ave New York, NY 10017, USA

See Similar Deals
Hotel67,316 SF
Financed 08/30/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$757
Total Square Footage:67,316 SF
Transaction Type:Loan

The asset involved in this transaction is a hotel property located at 517 Lexington Avenue, Hotel 48LEX, in the Midtown East neighborhood of Manhattan. The total square footage of the property is 67,316. The transaction pertains to a refinance loan secured at a value of $51,000,000.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $51,000,000
  • Address: 517 Lexington Avenue - Hotel 48LEX, New York
  • Market: Midtown East, Manhattan
  • Lender: Adam Sklar - Monarch Alternative Capital
  • Landlord: David Desfor - Hersha Hospitality Trust
  • Loan Type: Refinance

The refinance loan was secured by Hersha Hospitality Trust for two commercial condo units from Monarch Alternative Capital, facilitated through MFI Icav. This arrangement highlights the collaboration between the lending party and the landlord in the transaction.

Players

Monarch Alternative Capital
Monarch Alternative Capital
LENDER
Hersha Hospitality Trust
Hersha Hospitality Trust
LANDLORD

Details

FINANCED
IMAGE: David Desfor DATE: 08/30/2023 ADDRESS: 517 Lexington Avenue - Hotel 48LEX New York MARKET: Midtown East, Manhattan ASSET TYPE: Hotel ~ SF: 67,316 LENDER: Adam Sklar - Monarch Alternative Capital LANDLORD: David Desfor - Hersha Hospitality Trust LOAN AMOUNT: $51,000,000 LOAN TYPE: Refinance NOTE: Hersha Hospitality Trust secured a $51 million refinance loan for two commercial condo units at 517 Lexington Avenue, Manhattan, from Monarch Alternative Capital through MFI Icav.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$51,000,000.00

Monthly NOI$340,000.00
Monthly Debt Service$322,354.69
Change in Cash Flow$0.00
Refinance Proceeds$0.00