Al Faisal Holding Secures $270M Refinance Loan For Manhattan At Times Square Hotel From Mack Real Estate Group
790 7th Avenue
$270,000,000
$584/SF
Building Size
461,591 SF
Asset Type
Hotel
Closing
Oct 10, 2023
About this deal
AI
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.
On the Map
$270,000,000
$584/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93