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MRC Closes Refi on Boutique Chelsea Hotel
Madison Realty Capital (MRC) has closed $30.5 million of financing on the GEM Hotel, a luxury boutique hotel at 300 W. 22nd St. in Chelsea. The funds refinance previous debt and support sponsor Icon Realty Management’s business plan to reposition the hotel with an expanded marketing strategy and updated branding.
“This deal provided MRC with the opportunity to refinance a successful and established hospitality asset with strong sponsorship and a new business plan aimed at making it even more competitive in the local market,” said Josh Zegen, co-founder and managing principal of MRC. JLL’s Aaron Appel brokered the financing.
Built in 1912 as a residential property, the GEM was converted to hospitality use by Icon Realty in 2007. Along with implementing an aggressive marketing strategy, ownership will implement a new capital improvement plan that includes room upgrades, lobby and hallway improvements and façade work.
- ◦Financing
