DiamondRock Hospitality Company obtained financing of $170M from Wells Fargo Bank

DiamondRock Hospitality Company through the entity Diamondrock Ny Lex Owner LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $170.4 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 509 Lexington Avenue in Grand Central. The deal closed on July 25, 2019 and was recorded on August 01, 2019.
The property contains a total of 314,568 square feet of built space.
The average loan per buildable square foot is $542.
The last time the property sold was June 01, 2011, for $333,700,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 732 residential (or hotel) units on September 10, 2012.
Over the past five years, there have been 21 NYC Department of Buildings permit applications filed for this parcel. There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $9,410,258.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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