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Magna Hospitality Group Secures $112 Million Refinance Loan For Hotel At 60 West 37th Street
FINANCED
$112,000,000
New York
See Similar DealsHotel163,694 SF
Financed 04/30/2025
FINANCED
Magna Hospitality Group Secures $112 Million Refinance Loan For Hotel At 60 West 37th Street
60 West 37th Street
See Similar DealsHotel163,694 SF
Financed 04/30/2025
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$684
Total Square Footage:163,694 SF
Transaction Type:Loan
The asset involved in this transaction is a hotel located at 60 West 37th Street in the Garment District of Manhattan, featuring a total square footage of 163,694. The property has recently secured a refinancing loan amounting to $112 million from Wells Fargo, which replaces a previous loan of $94 million from Starwood Property Trust.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $112,000,000
- Loan Type: Refinance
- Lender: Wells Fargo
- Landlord: Magna Hospitality Group
The refinancing transaction was facilitated by Magna Hospitality Group, which has effectively transitioned from the prior financial arrangement with Starwood Property Trust to the new loan with Wells Fargo, ensuring continued operational support for their hotel property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$112,000,000.00
Monthly NOI$746,666.67
Monthly Debt Service$707,916.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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