Manhattan Holiday Inn Lands $137M Loan
- Sep 24, 2018
Golden Seahorse has landed a $137 million refinancing loan for the Holiday Inn Manhattan-Financial District. Mission Capital Advisors’ Debt and Equity Finance Group arranged the 10-year senior, non-recourse permanent loan from Ladder Capital.
Located at 99 Washington St., the 50-story hotel is the tallest Holiday Inn in the world. The property was constructed in 2014 and comprises 492 keys. Amenities include a fitness center, a business center, a laundry facility, free Wi-Fi, concierge services and the St. George Tavern, a full-service restaurant, bar and event space.
Proceeds from the financing were used to refinance an existing first mortgage and return capital to the borrower.
Mission Capital’s Directors Beau Williams and Jamie Matheny, as well as Managing Directors Ari Hirt, Steven Buchwald and Alex Draganiuk, represented the owner. Last month, Hirt and Matheny were part of the team that arranged $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla.
“This is one of the largest permanent loans on a New York City hotel this year, and our ability to arrive at the structure and pricing we were able to achieve on behalf of our client is a testament to the strength of our client, the property and our execution team,” Williams told Commercial Property Executive. “The borrower had several complex requirements that we were looking to satisfy, and while we were in talks with a wide range of lenders—including conduits, insurance companies and banks—there were only a few willing to work through all the complexities required to close the deal. Ladder understood the various moving parts, and we were able to financially engineer a solution that was compatible for Ladder to execute, resulting in a very favorable structure for the client, with 10-year, interest-only financing at a very attractive rate.”
The hotel is within close proximity to 12 subway lines and PATH trains. Nearby attractions include the 9/11 Memorial and Museum, the Statue of Liberty, Wall Street, One World Trade Center and the New York Stock Exchange.
Image courtesy of Mission Capital