MML Hospitality Secures $35 Million Loan From Truist Bank For Chinatown Hotel Development

The asset involved in this transaction is the hotel located at 9 Orchard Street & 60 Canal Street in Chinatown, Manhattan. The property encompasses a total area of 71,380 square feet and is valued at $490 per square foot, which places the overall valuation at $35,000,000. MML Hospitality secured a loan from Truist Bank for this hotel asset.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $35,000,000
• Address: 9 Orchard Street & 60 Canal Street
• Market: Chinatown, Manhattan
• Lender: Truist Bank
• Landlord: Larry McGuire & Tom Moorman - MML Hospitality

This deal involved key individuals and entities, specifically Larry McGuire and Tom Moorman, who represent MML Hospitality. They facilitated the arrangement for the $35 million loan through the Nine Orchard Master Tenant, LLC entity, emphasizing their role in the transaction.