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
$165,000,000
$642/SF
Building Size
256,936 SF
Asset Type
Hotel
Closing
Apr 10, 2022
AI
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
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93