Claremont Companies Refinances Hotel At 181 Varick Street With $56.5 Million Loan From City National Bank
181 Varick Street
$56,500,000
$1,083/SF
Building Size
52,155 SF
Asset Type
Hotel
Closing
May 22, 2026
About this deal
AI
The asset involved in this transaction is a hotel located at 181 Varick Street in the Hudson Square area of Manhattan. The hotel has a total square footage of 52,155. Claremont Companies refinanced the Courtyard by Marriott New York Manhattan/SoHo hotel with a loan amount of $56,500,000 from City National Bank.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $56,500,000
- Loan Type: Refinance
- Lender: City National Bank
- Landlord: Patrick Carney - Claremont Companies
- Previous Debt: $35,000,000 from Thrivent
- Closing Date: May 22, 2026
- Recording Date: June 2, 2026
The refinancing was facilitated through Soho Hotel LLC, representing Claremont Companies. This transaction replaces prior debt while maintaining the hotel's operational capital.
On the Map
$56,500,000
$1,083/SF
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93