Paramdeep Singh signs $37M acquisition loan with Benefit Street for hotel in Midtown West

Paramdeep Singh through the entity Premier Hotels LLC as borrower signed a acquisition loan with lender Benefit Street Partners through the entity Bsprt Cre Finance, LLC valued at $37 million for the hotel building at 59 West 46th Street in Midtown West, Manhattan.
The deal closed on February 11, 2022 and was recorded on March 3, 2022. The prior lender was LNR Partners which held debt that had an original loan amount of $42.5 million.
The property has 100,678 square feet of built space and 17,775 square feet of additional air rights for a total buildable of 118,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $367 and the price per buildable square foot is $312 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 February 11, 2022, for $59.5 million.
The signatory for Paramdeep Singh was Paramdeep Singh. The signatory for Benefit Street Partners was Micah Goodman.

This includes $4.43 million in rehabilitation construction loans.
In Midtown West, the majority, or 69 percent of the 82.2 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 7th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Midtown West is the 3rd most active neighborhood among other neighborhoods. It had 8.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.
On the tax block, the majority, or 69 percent of the 871,147 square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space.
The owner according to the Department of Housing Preservation and Development is Nicole Mclean, head officer. The business entity is Wented Realty Corp.
Within a 400-foot radius of 59 West 46th Street, Pincusco identified 20 commercial real estate items of interests occurred over the past 24 months.
Of those 20 items, seven were sales above $5 million totaling $1.9 billion. The most recent of the seven was Magna Hospitality Group which bought the 126,000-square-foot rental (H6) on 30 West 46th Street for $88.5 million from Concord Hospitality on October 6, 2021.
Of those 20 items, 13 were loans above $5 million totaling $981.7 million. The most recent of the 13 was City’s Property Development which borrowed $40 million from Goldman Sachs secured by one condo unit in the 6,762-square-foot, 103-unit mixed-use building (RC) on 44 West 47th Street on January 6, 2022.

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