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Witkoff Group Refinances Faena Hotel And Retail Unit In Chelsea For $144 Million With J.P. Morgan Chase
FINANCED
$144,000,000
New York
See Similar DealsRetail187,660 SF
Financed
FINANCED
Witkoff Group Refinances Faena Hotel And Retail Unit In Chelsea For $144 Million With J.P. Morgan Chase
500 West 18th Street
See Similar DealsRetail187,660 SF
Financed
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$767
Total Square Footage:187660 SF
Transaction Type:Loan
500 West 18th Street is a retail asset located in the Chelsea market of Manhattan, encompassing a total square footage of 187,660. The property underwent a refinancing transaction totaling $144,000,000 with J.P. Morgan Chase, increasing from an earlier loan amount of $107.9 million.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $144,000,000
- Address: 500 West 18th Street
- Market: Chelsea, Manhattan
- Lender: J.P. Morgan Chase
- Landlord: Alex Witkoff - Witkoff
- Loan Type: Refinance
This transaction involved Witkoff Group, which refinanced the Faena Hotel condo and retail unit through 76 Eleventh Hotel LLC. The refinancing reflects a strategic financial move for the landlord, managed by Alex Witkoff, regarding the property at 500 West 18th Street.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$144,000,000.00
Monthly NOI$960,000.00
Monthly Debt Service$910,177.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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