MML Hospitality signs $35M initial loan with Truist Bank for 9 Orchard hotel in Chinatown

MML Hospitality through the entity Nine Orchard Master Tenant, LLC as borrower signed an initial loan with lender Truist Bank valued at $35 million for the 9 Orchard Street hotel building (HB) with an alternate address at 60 Canal Street in Chinatown, Manhattan.
The deal closed on March 20, 2026 and was recorded on March 30, 2026. The property has 71,380 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $490 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 20, 2025, for $92 million from DLJ Real Estate Capital Partners. The signatory for MML Hospitality was Lawrence McGuire . The signatory for Truist Bank was Kathleen Kennedy Albanese .

Prior sales, articles and revenue

The 71,380-square-foot property generated revenue of $25.6 million or $359 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Chinatown has 71,380 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 87 feet and is 75 feet deep with a total lot size of 6,483 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $42.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $7,370 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 4, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has 1.4 times the average sales volume among other neighborhoods with $471.4 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 542,348 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 93,476 square feet of the 124,525 square feet. The largest owner is Mml Hospitality, followed by Fong Lum Corp. and then Adam Woodward.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 124,525 square feet of built space are hotel buildings, with walkup buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Mml Hospitality owned at least one commercial property in New York City with 71,380 square feet and a city-determined market value of $32.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

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