Blackstone's Jon Gray Provides $78.3M Acquisition Loan For Midtown Manhattan Hotel
714 7th Avenue
$78,300,000
Building Size
—
Asset Type
Hotel
Closing
Oct 20, 2023
About this deal
AI
The property involved in this transaction is a hotel located at 714 7th Avenue in Midtown Manhattan. The loan amount for the acquisition of this hotel is $78,300,000.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $78,300,000
- Lender: Jon Gray - Blackstone
- Landlord: Neil Luthra - Newbond & Marc Rowan - Apollo Global Management
- Brokers: Dustin Stolly, Jordan Roeschlaub & Nick Scribani - Newmark
The lender for this transaction is Jon Gray from Blackstone. The landlords involved in this deal are Neil Luthra from Newbond and Marc Rowan from Apollo Global Management. The brokers representing the parties in this deal are Dustin Stolly, Jordan Roeschlaub, and Nick Scribani from Newmark.
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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93