Korman Communities Secures $142.5 Million Refinancing From Prime Finance For Two Manhattan Hotels

The asset involved in the transaction is a hotel located at 42 West 58th Street and 123 West 44th Street in Midtown West, Manhattan. Korman Communities secured $142.5 million in refinancing from Prime Finance for two AKA extended-stay hotels as part of this deal.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $142,500,000
• Lender: Prime Finance
• Landlord: Larry Korman - Korman Communities
• Loan Type: Refinance
• Market: Midtown West, Manhattan

Larry Korman represents Korman Communities in the deal and was involved in the buyout of partners CalSTRS and BlackRock in a three-property deal valued at $220 million.