Ascott Residence Trust refis with $89M from Singapore bank for 411-unit hotel in Hudson Yards

Ascott Residence Trust through the entity Sm Ascott LLC as borrower signed a loan agreement with lender Oversea-Chinese Banking Corporation Limited valued at $89 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 311 West 39th Street in Hudson Yards. The deal closed on October 16, 2020 and was recorded on October 27, 2020.
The property contains a total of 177,000 square feet of built space.
The average loan per buildable square foot is $503.
Singapore-based Ascott bought the leasehold from Magna Hospitality Group in August 2015 for $162.8 million. The loan was originally $105 million at the acquisition but has been paid down to $89 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 411 hotel units on September 5, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link