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544 West 48th Street

Meridian Capital Group Secures $2.95M Refinance Loan For Hell's Kitchen Hotel & Film Studio
FINANCEDHotel

Meridian Capital Group Secures $2.95M Refinance Loan For Hell's Kitchen Hotel & Film Studio

544 West 48th Street & 546 West 48th Street

$2,950,000

Building Size

Asset Type

Hotel

Closing

Feb 9, 2024

AI

The property at 544 & 546 West 48th Street in Hell's Kitchen, Manhattan, consists of a Limited-Service Hotel & Film Studio. The loan amount for this transaction was $2,950,000. The loan provided was for a refinance and comes with a 7.55% interest rate for a 3-year fixed-rate term with a 25-year amortization schedule.

Summary of transaction details:

  • Property Type: Limited-Service Hotel & Film Studio
  • Transaction Amount: $2,950,000
  • Address: 544 & 546 West 48th Street
  • Market: Hell's Kitchen, Manhattan
  • Loan Type: Refinance
  • Loan Terms: 7.55% interest rate for a 3-year fixed-rate term with a 25-year amortization schedule
  • Brokers: Simon Rosenfeld & John Bianco - Meridian Capital Group

Simon Rosenfeld and John Bianco from Meridian Capital Group facilitated the loan for this property. For more information on how Meridian can add value to your portfolio on your next financing, please contact Simon Rosenfeld at 212-612-0110 or [email protected], and John Bianco at 212-612-0297 or [email protected].

Players

John Bianco

Meridian Capital Group

Broker

$427.7M

vol

31 deals

Broker

New York Hotel Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.38%

Cash-on-Cash

-1.54%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93