Industrial And Commercial Bank Of China Provides $35M Refinance Loan For Fresh Meadows Hotel
FINANCED
$35,000,000
New York
See Similar DealsHotel76,367 SF
Financed 08/12/2021
FINANCED
Industrial And Commercial Bank Of China Provides $35M Refinance Loan For Fresh Meadows Hotel
61-27 186th Street, Fresh Meadows, NY, USA
See Similar DealsHotel76,367 SF
Financed 08/12/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$458
Total Square Footage:76,367 SF
Transaction Type:Loan
The hotel located at 61-27 186th Street in Fresh Meadows has been refinanced with a loan from Industrial And Commercial Bank Of China. The loan amount was $35,000,000. The hotel has a total square footage of 76,367 and offers 142 keys.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $35,000,000
- Loan Type: Refinance
- Lender: Industrial And Commercial Bank Of China
- Landlord: Xiaozhuang Ge & Weihong Hu
- Address: 61-27 186th Street, Fresh Meadows
- Market: Fresh Meadows
- Total Square Footage: 76,367
- Number of Keys: 142
Xiaozhuang Ge & Weihong Hu acted as the landlord in this transaction and secured the loan from Industrial And Commercial Bank Of China for the refinancing of the hotel.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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