Industrial And Commercial Bank Of China Provides $35M Refinance Loan For Fresh Meadows Hotel
61-27 186th Street, Fresh Meadows, NY, USA
$35,000,000
$458/SF
Building Size
76,367 SF
Asset Type
Hotel
Closing
Aug 11, 2021
AI
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.
Players
New York 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93