Meridian Capital Group Arranges $70M Refinance Loan For Hotel In New York
FINANCED
$70,000,000
New York
See Similar DealsHotel
Financed 04/18/2024
FINANCED
Meridian Capital Group Arranges $70M Refinance Loan For Hotel In New York
Hotel
Financed 04/18/2024
Summary
Asset Type:Hotel
Transaction Type:Loan
The hotel property in New York underwent A-Note financing for a loan amount of $70,000,000 from a regional bank. 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: Regional Bank
- 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 regional bank, ensuring a successful refinance of the hotel property in New York.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,000,000.00
Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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