Oversea-Chinese Banking Corporation Limited Provides $89M Loan For Garment District Hotel
311 W 39th St, New York, NY 10018, USA
$89,000,000
$50/SF
Building Size
1,770,030 SF
Asset Type
Other
Closing
Oct 26, 2020
About this deal
AI
The hotel property located at 311 W. 39th St. in the Garment District has been involved in a recent loan transaction. The loan was provided by Oversea-Chinese Banking Corporation Limited for an amount of $89,000,000. The hotel encompasses a total area of 177,003 square feet and consists of 411 units. The transaction involved Ascott Residence Trust represented by Siew Kim Beth.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $89,000,000
- Square Footage: 177,003
- Number of Units: 411
This loan transaction was made possible through the lender, Oversea-Chinese Banking Corporation Limited, providing financial support to the hotel property. On the other side of the deal, Ascott Residence Trust, represented by Siew Kim Beth, acted as the landlord. These key individuals and companies played a significant role in facilitating the transaction.
Players
New York Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93