Bridgeton Holdings Lands $57M Loan for NYC Hotel

The 171-key Walker Hotel Tribeca will be the investment firm’s second Walker hotel in New York City, following a Greenwich Village location.
396 Broadway

Bridgeton Holdings secured a $57 million loan to complete the 171-key Walker Hotel Tribeca in New York City. The 10-story former office property will be Bridgeton’s second Walker Hotel in the city, after the original location in Greenwich Village.

Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Bob Tonnessen of NKF Capital Markets arranged the financing with BOl Federal. Bridgeton Holdings was represented in the deal by CEO Atit Jariwala, Managing Director Akash Sharma and Vice President of Development Conor O’Byrne.

The landmarked property is located at 396 Broadway in the Tribeca neighborhood of New York City and offers unobstructed views of the Manhattan skyline from floors 7 to 10. Retail at the property will include Blue Bottle Coffee on the ground floor, as well as food and beverage outlets on the rooftop and ground level. A speakeasy bar will be located in the cellar.

“Located in the heart of Tribeca, The Walker will provide visitors and members of the local community with a new exciting place to visit and enjoy,” said Stolly in prepared remarks.

In 2016, Bridgeton Holdings secured its first financing for the project with a $35.9 million construction loan for the renovation and conversion of 396 Broadway, which the company purchased for $42 million in 2014 in an all-cash transaction.

Image courtesy of NKF Capital Markets