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New York & Tri-State  + Uptown/Bronx  + Finance  | 
Excelsior Hotel 45 West 81st Street Manhattan hotel to apartment conversion

Berkadia Arranges $84M Senior Debt for Hotel-to-Apartment Conversion

Berkadia secured $84 million in stretch senior financing for developer Emmut Properties’ acquisition of Excelsior Hotel, a century-old landmark hotel at 45 W. 81st St. on Manhattan’s Upper West Side. Emmut Properties acquired the 126-room hotel, which has been closed since April 2020, for approximately $80 million, and will convert it into a 134-unit multifamily property featuring Class A finishes and amenities.  

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured an $84-million loan from Franklin BSP Realty Trust, Inc. The financing package consists of a $74-million senior bridge loan and a $10-million mezzanine loan, both with 18-month terms and three single-year extension options.  

“Emmut Properties’ significant track record in Manhattan, which spans more than 25 years of success, was a critical piece to closing this deal in a generally challenging real estate market, especially in New York City,” said Bhatt.  


Inside The Story

Berkadia JV Equity & Structured Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing