Mack acquires 7-hotel portfolio from Hersha, Cindat valued at $316M

Mack Real Estate Credit Strategies through its Cmtg Lender 12 LLC acquired control from Hersha Hospitality Trust and Cindat Capital Management through the entity Cindat Hersha Owner Jv Associates, LLC, seven hotel properties valued at $315.8 million including 51 Nassau Street, 343 West 39th Street, 341 West 39th Street, 337 West 39th Street, 126 Water Street, and others in Manhattan. The deal closed on February 12, 2021 and was recorded on March 4, 2021.
The $85 million mezzanine loan was set for auction in January 2021, The Real Deal reported.  The last time the property sold was April 29, 2016 for $42,370,390. Cendat and Hersha were seeking funds in the fall of 2020 for the portfolio, the Commercial Observer reported.  The portfolio secures a $300 million loan originally provided by UBS and securitized as UBSCM 2018-NYCH.
The property contains a total of 42,012 square feet of built space.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $171,975.

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