Hersha Hospitality Trust Secures $51M Refinance Loan For Hotel 48LEX In Midtown East, Manhattan
517 Lexington Ave New York, NY 10017, USA
$51,000,000
$757/SF
Building Size
67,316 SF
Asset Type
Hotel
Closing
Aug 30, 2023
About this deal
AI
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
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93