Taconic Provides $95M Refi for Historic Midtown South Hotel
Taconic Capital Advisors LP provided Burnett Equities, an Oklahoma City-based real estate development and advisory firm, with a $95-million senior mortgage refinancing for the Martinique New York on Broadway, Curio Collection by Hilton, a 531-key, award-winning member of the Historic Hotels of America.
The closing allows Burnett to retire near-term maturing financing, complete exterior upgrades and pursue multiple top-floor and rooftop concepts at the Midtown South lodging property.
“It’s exciting to be a piece of this iconic hotel’s storied history and we’re grateful for Burnett’s partnership while their vision takes shape,” said Andrew Lam, a director in Taconic Capital Advisors’ commercial real estate group. “As New York City hotel fundamentals continue their dynamic rebound, premier destinations like the Martinique are poised to benefit disproportionately.”
The refinancing of the Martinique follows the recent announcement by Taconic and HEI Hotels & Resorts of the joint acquisition of Hyatt Regency Jersey City.
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 GlobeSt.com 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).
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