HSBC Provides $82.5M Financing For 185 Bowery Hotel
185 Bowery, New York, NY 10002, USA
$82,500,000
$4,308/SF
Building Size
19,149 SF
Asset Type
Other
Closing
Apr 9, 2018
About this deal
AI
The 185 Bowery hotel in New York City has been refinanced for a total amount of $82,500,000. The developers and landlords of the property, Citzien M - Michael Levie and Rattan Chadha, along with Brack Capital, secured the refinancing deal. The lender in this transaction is HSBC, with António Simões representing the bank.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $82,500,000
- Address: 185 Bowery
The refinancing deal comprises two separate notes. The first note amounts to approximately $53.8 million, while the second note amounts to around $28.7 million. This injection of funds will support the ongoing operations and further development of the 185 Bowery hotel.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93