Ascott Residence signs $92.8M refi with Oversea-Chinese Banking for hotel in Tribeca

Ascott Residence Trust through the entity Tribeca Ascott LLC as borrower signed a refi loan with lender Oversea-Chinese Banking Corporation valued at $92.8 million for two properties including the hotel (H1) at 370 Canal Street in Tribeca, Manhattan and an adjacent property (Z3) at 350 Canal Street in Tribeca, Manhattan.
The deal closed on May 28, 2021 and was recorded on June 10, 2021.
The two properties have 207,782 square feet of built space and 10,143 square feet of additional air rights for a total buildable of 217,978 square feet according to PincusCo analysis of city data. The loan price per built square foot is $446 and the price per buildable square foot is $425 per the PincusCo analysis.
The signatory for Ascott Residence Trust was Eaton Zhou.
(121789181)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 8, 2015.
This is for the Sheraton Tribeca New York Hotel.
Within a 400-foot radius of 350 Canal Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.

Of those six items, four were for major renovation including a certificate of occupancy change. There were two permit applications with a total initial cost of $1.8 million and two permits with a total initial cost of $2.3 million. The most recent of these four items was the permit on May 5, 2021 for a 9,518-square-foot B building with three residential units at 313 Church Street.

Of those six items, two were loans above $5 million totaling $20.5 million. The most recent of the two was Churchill Real Estate Holdings which borrowed $8.7 million from Signature Bank secured by the 25,460-square-foot, 10-unit rental (C7) on 5 Mercer Street on March 15, 2021.

Direct link to Acris document. link