A $22.5 million loan that was backed by Manhattan’s Flatiron Hotel has fallen into foreclosure. The loan for the hotel at 9 West 26th Street makes up 2 percent of a set of securities called WFCM 2015-C28. The transaction included 96 other loans as well, none of which are delinquent. The hotel has 64 rooms, and its annual cash flow is 1.7 times its annual debt service expenses, according to the Commercial Observer. It ran into problems […]
source https://therealdeal.com/2018/04/24/flatiron-hotel-loan-is-now-in-foreclosure/
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