$105M Roosevelt Hotel debt held by Dell’s MSD refinanced by National Bank of Pakistan

PIA Investments Ltd. through the entity RHC Operating LLC as borrower signed a loan agreement with lender National Bank of Pakistan valued at $105 million that refinanced a mortgage held for several months by Michael Dell’s MSD Partners. The secured property is 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at the Roosevelt Hotel at 45 East 45th Street in Grand Central. The deal closed on October 9, 2020 and was recorded on October 20, 2020.
The property contains a total of 598,248 square feet of built space.
The average loan per buildable square foot is $176.
In June 2020, Michael Dell’s MSD Partners bought the $105 million loan originally provided by JPMorgan Chase Bank in 2018.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 1,043 residential (or hotel) units on August 20, 2012.
Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $10,405,210.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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