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109Co Acquires $44M Loan Secured By Fortuna Realty Group's Hotel At 127 West 28th Street
SOLD
$44,000,000
New York
See Similar DealsNote / Loan
Sold
SOLD
109Co Acquires $44M Loan Secured By Fortuna Realty Group's Hotel At 127 West 28th Street
127 West 28th Street
See Similar DealsNote / Loan
Sold
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
The asset involved in the transaction is a loan secured by Fortuna Realty Group’s hotel located at 127 West 28th Street in Chelsea, Manhattan. The loan was sold for a total value of $44,000,000.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $44,000,000
- Buyer: 109Co
- Seller: Morgan Stanley
- Address: 127 West 28th Street
- Market: Chelsea, Manhattan
109Co acquired the loan through 127w28 Hotel Noteholder LLC, and the loan is tied to a pending $44 million foreclosure case involving the property. Morgan Stanley was the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$156,322.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$208,582.45
Annual Debt Service$2,502,989.37
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