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Arden Group Provides $224M UCC Foreclosure Loan For Midtown Manhattan Hotel

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FINANCED
$224,000,000
Adam Etra
Dustin Stolly
+ 4

New York

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Hotel
Financed 10/16/2023
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FINANCED

Arden Group Provides $224M UCC Foreclosure Loan For Midtown Manhattan Hotel

560 7th Avenue

See Similar Deals
Hotel
Financed 10/16/2023
Adam Etra
Dustin Stolly
+ 4
Contact now

Summary

NEW YORK
Asset Type:Hotel
Transaction Type:Loan

The hotel located at 560 7th Avenue in Midtown Manhattan has recently undergone a transaction. The property is owned by Soho Properties, represented by Sharif El-Gamal, and the lender involved in the deal is Arden Group, represented by Craig Spencer. The loan amount for this transaction is $224,000,000, and it falls under the category of UCC Foreclosure.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $224,000,000
  • Address: 560 7th Avenue
  • Market: Midtown Manhattan

In addition to the key individuals mentioned above, various brokers were also involved in this transaction. The brokers representing Soho Properties were Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Adam Spies, Adam Etra, and Brock Cannon from Newmark.

Players

Dustin Stolly
264 deals$49.1B volume
BROKER

Nick Scribani
Newmark
191 deals$55.1B volume(212) 372-2113
BROKER

Adam Spies
Newmark
260 deals$71.4B volume(212) 841-7500
BROKER

Adam Etra
Newmark
10 deals$1.2B volume
BROKER

Brock Cannon
Newmark
2 deals$574M volume
BROKER

Jordan (Jordy) Roeschlaub
Newmark
321 deals$96.2B volume
BROKER

Arden Group
LENDER

Details

FINANCED
IMAGE: Dustin Stolly, Nick Scribani, Jordan Roeschlaub, Craig Spencer, Sharif El-Gamal, Adam Etra, Adam Spies & Brock Cannon DATE: 10/16/2023 ADDRESS: 560 7th Avenue MARKET: Midtown Manhattan ASSET TYPE: Hotel LENDER: Arden Group - Craig Spencer LANDLORD: Soho Properties (@SohoProp) - Sharif El-Gamal (@MeetSharif) BROKERS: Jordan Roeschlaub (@JordyRoeschlaub), Dustin Stolly, Nick Scribani (@ScribSays), Adam Spies, Adam Etra & Brock Cannon - Newmark (@Newmark) LOAN AMOUNT: $224,000,000 LOAN TYPE: UCC Foreclosure

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$224,000,000.00

Monthly NOI$1,493,333.33
Monthly Debt Service$1,415,832.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00