Arden Group Provides $224M UCC Foreclosure Loan For Midtown Manhattan Hotel
560 7th Avenue
$224,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 16, 2023
About this deal
AI
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.
On the Map
$224,000,000
Hotel
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Players
Mount Olive Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93