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.
- ◦Sale/Acquisition
- ◦Financing