Sapir Taps Column Financial for Mondrian Soho Purchase
By Damian Ghigliotty March 13, 2015 11:52 am
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A group of investors led by Alex Sapir of the Sapir Organization took a $180 million CMBS loan from Column Financial to acquire the 263-room Mondrian Soho hotel at 9 Crosby Street in Lower Manhattan, public records show.
The billionaire real estate mogul and his partners purchased the financially troubled five-star hotel from Deutsche Bank (DB) at a foreclosure auction in January, as previously reported.
The recorded purchase price was $200 million. Both the acquisition and financing closed on March 6, according to city records.
The Mondrian, which opened in 2011, was part of the Morgans Hotel Group until it went into foreclosure in 2013 with more than $250 million in unpaid debt.
The luxury hotel contains a restaurant, a 24-hour gym and a nightclub.
Mr. Sapir was not immediately available for comment. A representative for Credit Suisse subsidiary Column Financial declined to comment.
