Project Overview
Project Overview
Project Overview
Location
New York, NY
Location
New York, NY
Number of Units
438-Unit Hotel
Number of Units
438-Unit Hotel
Loan Amount
$385,000,000
Loan Amount
$385,000,000
Asset Type
Hotel to Multifamily Conversion
Asset Type
Hotel to Multifamily Conversion
Transaction Challenges:
» Extremely complex transaction with a highly leveraged request requiring careful coordination between multiple capital providers » Smaller than average unit size relative to the surrounding area presented lease up risk » Elements of transaction included union buyout and obtaining certificates of non-harassment » Sale-and-leaseback transaction
Transaction Challenges:
» Extremely complex transaction with a highly leveraged request requiring careful coordination between multiple capital providers » Smaller than average unit size relative to the surrounding area presented lease up risk » Elements of transaction included union buyout and obtaining certificates of non-harassment » Sale-and-leaseback transaction
ArrowREA Solution:
» Our team's strong lender relationships and skill in navigating complex transactions, alongside a deeply experienced Sponsor, allowed our team to find a creative capital solution involving multiple lenders. The team negotiated a $178 million loan on the fee interest in the property and a $207 million loan on the leasehold interest, capitalizing the redevelopment of an iconic asset in a highly sought after location.
ArrowREA Solution:
» Our team's strong lender relationships and skill in navigating complex transactions, alongside a deeply experienced Sponsor, allowed our team to find a creative capital solution involving multiple lenders. The team negotiated a $178 million loan on the fee interest in the property and a $207 million loan on the leasehold interest, capitalizing the redevelopment of an iconic asset in a highly sought after location.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.