MSD Partners L.P. Provides $165M Construction Loan For Multifamily And Hotel Project At 7 Platt Street In Financial District
FINANCED
$165,000,000
New York
See Similar DealsHotel256,936 SF
Financed 04/11/2022
FINANCED
MSD Partners L.P. Provides $165M Construction Loan For Multifamily And Hotel Project At 7 Platt Street In Financial District
7 Platt Street, New York City, New York 10038, United States
See Similar DealsHotel256,936 SF
Financed 04/11/2022
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$642
Total Square Footage:256,936 SF
Transaction Type:Loan
A loan has been secured for the property at 7 Platt Street in the Financial District. This property consists of both multifamily units and a hotel, with 250 multifamily units and 172 hotel keys. The total square footage of the property is 256,936.
Summary of transaction details
- Property Type: Multifamily & Hotel
- Transaction Amount: $165,000,000
- Loan Type: Construction
- Loan Terms: 4 years + 1 year extension
The lender for this transaction is MSD Partners L.P. and the landlord is The Moinian Group. The deal was facilitated by Drew Anderman and Alan Blank from Meridian Capital Group.
Players
BROKERAGE
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$165,000,000.00
Monthly NOI$1,100,000.00
Monthly Debt Service$1,042,912.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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