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FiDi Holiday Inn Secures $137M Permanent Loan
Mission Capital Advisors has arranged $137 million in senior, non-recourse, permanent financing for the Holiday Inn Manhattan-Financial District. The 50-story, 492-key hotel at 99 Washington St. is the world’s tallest Holiday Inn.
A Mission Capital team of Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented developer Golden Seahorse LLC in arranging the 10-year, fixed-rate, non-recourse loan from Ladder Capital. Loan proceeds were used to refinance an existing first mortgage and return capital to the borrower.
“The borrower was looking to lock-in a low-interest-rate loan without amortization, and we were able to create a very competitive market, with various banks, insurance companies and CMBS lenders vying to structure favorable deals,” said Williams.
Hirt said the Holiday Inn financing was “one of the largest permanent loans on an NYC hotel this year, and it is indicative of the appetite lenders continue to have for well-located hotel properties.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
