Shimmie Horn’s Triumph Hotels obtained financing of $26M from Investors Bank

Shimmie Horn’s Triumph Hotels through the entity Tribeca Hotel LLC as borrower signed a loan agreement with lender Investors Bank valued at $26.4 million for 2 parcels, including the tax class two-story or store and office (K2) at 113 Reade Street, 125 Chambers Street in Tribeca. The deal closed on July 09, 2019 and was recorded on July 23, 2019.
The property contains a total of 71,089 square feet of built space. The property has 14,300 square feet of available development rights.
The average loan per buildable square foot is $371.
The last time the property sold was July 29, 2013, for $5,500,000.

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