Meridian Capital Group Arranges $70M Refinance Loan For Hotel In New York
$70,000,000
Building Size
—
Asset Type
Hotel
Closing
Apr 18, 2024
About this deal
AI
The hotel property in New York underwent A-Note financing for a loan amount of $70,000,000 from a . The loan was secured as a refinance with a 3-year term at a floating rate.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $70,000,000
- Lender:
- Brokers: Drew Anderman & Benjamin Nevid - Meridian Capital Group
- Loan Type: Refinance
- Loan Terms: 3-year term, floating rate
Drew Anderman and Benjamin Nevid from Meridian Capital Group represented the parties in the A-Note financing deal. They played a crucial role in facilitating the transaction between the borrower and the , ensuring a successful refinance of the hotel property in New York.
Players
Market 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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93