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
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.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93