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
About this deal
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.
On the Map
$35,000,000
$458/SF
Hotel
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Players
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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