Naveen Kakarla Of HHM Hotels Refinances Retail Condos At 517 Lexington Avenue For $50M
517 Lexington Avenue
$50,000,000
$742/SF
Building Size
67,316 SF
Asset Type
Retail
Closing
Aug 27, 2026
About this deal
AI
The asset involved in this transaction is located at 517 Lexington Avenue in Midtown East, Manhattan. It consists of retail space totaling 67,316 square feet. The transaction is characterized by a refinance loan amount of $50,000,000 provided by M&T Bank, replacing an existing debt of $51 million from Monarch Alternative Capital.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $50,000,000
- Address: 517 Lexington Avenue
- Market: Midtown East, Manhattan
- Asset Square Footage: 67,316
- Lender: M&T Bank
- Landlord: Naveen Kakarla - HHM Hotels
- Loan Type: Refinance
Naveen Kakarla, representing HHM Hotels, executed this refinance transaction, allowing for the management of the hotel and retail condos at the specified address. The deal involved transitioning from previous financing secured with Monarch Alternative Capital.
On the Map
$50,000,000
$742/SF
Retail
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Players
Avenue Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93