Mack Real Estate signs $300M amended loan for Manhattan hotels acquired from Hersha

Mack Real Estate Credit Strategies through the entity Hcin Chelsea Grand East Associates, LLC as borrower signed an amended loan with lender UBSCM 2018-NYCH valued at $300 million for six hotels including the hotel (H3) at 343 West 39th Street in Hudson Yards, Manhattan, hotel (H3) at 337 West 39th Street in Hudson Yards, Manhattan, and hotel (H3) at 108 West 24th Street in Chelsea, Manhattan.
The deal closed on June 2, 2021 and was recorded on June 14, 2021.
The six properties have 333,396 square feet of built space and 0 square feet of additional air rights for a total buildable of 218,210 square feet according to PincusCo analysis of city data. The loan price per built square foot is $899 per the PincusCo analysis.
The signatory for Mack Real Estate Credit Strategies was J Michael McGillis.

The signatory for the borrower was J Michael McGillis, CFO of Mack Real Estate Credit Strategies, which took control of the portfolio in a UCC mezzanine action. The $300 million debt is the same as the original debt UBS originated in February 2018 and then securitized in UBSCM 2018-NYCH.
The owners according to the Department of Housing Preservation and Development includes Ashish Parikh, head officer and Jay Shah, officer. The business entity is Hcin Maiden Hotel Associates, Llc.
Within a 400-foot radius of 51 Nassau Street, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, six were for major renovation including a certificate of occupancy change. They were four permits with a total initial cost of $4 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.1 million.
One of those 10 items was a sale which Hidrock Properties bought two condo units in the 14,985-square-foot, 26-unit mixed-use building (RM) on 72 Nassau Street and one other property for $36 million from Baldwin Realty on December 10, 2019.
Of those 10 items, three were loans above $5 million totaling $104.7 million. The most recent of the three was Educational Housing Services which borrowed $68 million from Landesbank Hessen-Thuringen Girozentrale secured by the 109,072-square-foot, two-unit dormitory (H8) on 55 John Street on June 29, 2020.

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