Selina Chelsea hotel owner modifies $28M loan that was facing foreclosure from East West Bank

Mexican hotelier Moises Micha’s company through the entity W27 Highline Owner, LLC as borrower signed a loan modification agreement with lender East West Bank valued at $25.4 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at 518 West 27th Street in Chelsea. The deal closed on May 22, 2020 and was recorded on May 27, 2020.
The property contains a total of 35,987 square feet of built space.
The average loan per buildable square foot is $778.
The hotelier modified the loan for the Selina Chelsea NYC, which has an unpaid balance of $25.4 million and an original face value of $28 million. The hotelier backed by WeWork’s Adam Neumann was facing foreclosure proceedings on this loan and another totaling $3 million, The Real Deal reported in February.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 56 hotel units on September 25, 2012.

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