Masterworks Development borrows $100M from Bank of China for hotel property in Financial District

Masterworks Development Corporation through the entity Cedar & Washington Associates, LLC as borrower signed a loan agreement with lender Bank Of China valued at $100 million for 1 parcel, including the tax class luxury type hotel built after 1960 (H2) at 140 Washington Street in Financial District. The deal closed on February 28, 2020 and was recorded on March 17, 2020.
The property contains a total of 181,297 square feet of built space.
The average loan per buildable square foot is $552.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 421 residential (or hotel) units on August 31, 2012.

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