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Al Faisal Holding Secures $270M Refinance Loan For Manhattan At Times Square Hotel From Mack Real Estate Group
FINANCED
$270,000,000
New York
See Similar DealsHotel461,591 SF
Financed 10/10/2023
FINANCED
Al Faisal Holding Secures $270M Refinance Loan For Manhattan At Times Square Hotel From Mack Real Estate Group
790 7th Avenue
See Similar DealsHotel461,591 SF
Financed 10/10/2023
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$584
Total Square Footage:461,591 SF
Transaction Type:Loan
The Manhattan at Times Square Hotel, located at 790 Seventh Avenue in Midtown West, Manhattan, has secured a $270 million refinance loan. The hotel spans over 461,591 square feet and is owned by Mohammed Abdelqader Darwish Al Ramahi of Al Faisal Holding.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $270,000,000
- Address: 790 7th Avenue
- Market: Midtown West, Manhattan
- Owner: Mohammed Abdelqader Darwish Al Ramahi - Al Faisal Holding
- Lender: Priyanka Garg - Mack Real Estate Group
- Loan Type: Refinance
As part of the refinance, Al Faisal Holding's MTS NY Lessee, L.P. has secured a $270 million loan from Mack Real Estate Group's CMTG Lender 24 LLC.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$270,000,000.00
Monthly NOI$1,800,000.00
Monthly Debt Service$1,706,583.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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