FINANCEDHotel
William Su's 93 Bowery Holdings LLC Secures $22.3M Refinance Loan For Chinatown Wyndham Garden Hotel
91 Bowery
$22,300,000
$458/SF
Building Size
48,642 SF
Asset Type
Hotel
Closing
Sep 13, 2023
About this deal
AI
William Su, through the entity 93 Bowery Holdings LLC, secured a refinance loan valued at $22.3 million for the Chinatown Wyndham Garden Hotel located at 91 Bowery in Chinatown, Manhattan. The hotel has a total square footage of 48,642 and is situated in the bustling market of Chinatown.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $22,296,700
- Address: 91 Bowery - Chinatown Wyndham Garden Hotel
- Market: Chinatown, Manhattan
John Shi, representing Cathay Bank, acted as the lender for the refinance loan. The loan was secured by William Su, who is also the landlord of the property. This transaction allows William Su to optimize the financing of the Chinatown Wyndham Garden Hotel, further enhancing its value and potential in the market.
Players
Cathay BankLender
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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93