![]() M&T decided to part with the debt partly because of the regulatory capital treatment associated with hotel loans, one source told CO at the time, adding that they expected a successful sale due to the loan’s low LTV and the hotel’s fame, with the loan sale being marketed as a “generational repositioning opportunity” in July. The senior mortgage has a loan-to-value (LTV) ratio of 43 percent and is secured by the 1.1 million-square-foot building at 481 Eighth Avenue, which features 1,000 hotel keys, 140,000 square feet of student housing, 110,000 square feet of office space and 16,000 square feet of multilevel retail space. Newmark’s Adam Spies, Steven Schultz, Adam Etra, Adam Doneger and Doug Harmon led the sale, sources said. The exact purchase price couldn’t be ascertained, but sources said the performing loan traded at “close to par.”Ĭommercial Observer first reported that Newmark was marketing the Manhattan hotel’s debt on behalf of M&T Bank in mid-July, with final bids due Aug.10. SEE ALSO: Freddie Mac Bolsters Underwriting, Removing Brokers From Due Diligence Chain
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