Terrence Lowenberg Of Icon Realty Management Secures $48.5M Refinancing Loan For Hotel In Chelsea
300 West 22nd Street
$48,500,000
$1,567/SF
Building Size
30,948 SF
Asset Type
Hotel
Closing
Oct 6, 2026
About this deal
AI
The property asset involved in this transaction is a hotel building located at 300 West 22nd Street in Chelsea, Manhattan. This property encompasses a total square footage of 30,948. The transaction involved a refinancing loan of $48,500,000 secured by Icon Realty Management.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $48,500,000
- Lender: Santander Bank
- Landlord: Terrence Lowenberg - Icon Realty Management
- Original Debt Issuer: Starwood Property Trust
- Original Debt Amount: $29,300,000
This transaction highlights the involvement of Terrence Lowenberg, representing Icon Realty Management in securing refinancing for the property, transferring the obligation from an earlier loan issued by Starwood Property Trust.
On the Map
$48,500,000
$1,567/SF
Hotel
View full map
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
Loading comparables…
Deal FAQ
Browse New York hotel loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93