140 West 28th Street
This is a $112.5M refinance of a 175,314 SF full-service hotel in Chelsea, Manhattan, secured by Magna Hospitality Group with KSL Capital Partners as lender. A key structural concern is that the loan represents a notable discount to the 2020 acquisition price of $147.4 million, suggesting meaningful value erosion of approximately 24% since purchase — a red flag for collateral coverage. The property generates $48.2M in annual revenue, implying a revenue-to-loan ratio of roughly 43%, which is supportable for a stabilized hotel asset but warrants scrutiny given the post-COVID hospitality recovery trajectory and Chelsea's competitive hotel supply. KSL Capital Partners is a well-regarded hospitality-focused private equity and credit firm with deep sector expertise, lending credibility to the underwriting discipline on this deal. Magna Hospitality Group, led by Robert Indeglia, carries a $371.6M deal volume track record across 4 transactions, indicating a mid-sized but active operator, though the LTV dislocation from original purchase price warrants close monitoring.
Deal Stats
Parties
No party information available for this deal.
Score Analysis
What this score means
A Grade B score indicates this deal qualifies for financing at up to 70% LTV, subject to full underwriting. Most deals at this level proceed to a term sheet within 2 business days.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
