Deerwood Real Estate Capital has arranged the refinancing of a Gansevoort Hotel Group property at 420 Park Avenue South. The mortgage brokerage’s managing partner, Abe Katz, negotiated the 10-year, fixed rate loan along with colleagues Mark Silbersher and Russell Kimyagarov.
Mr. Katz told The Mortgage Observer that lender Citigroup refinanced the first mortgage for $140 million, while Mill Valley, Calif.’s Redwood Trust kicked in $20 million to refinance the mezzanine debt.
“It’s a deal that we, as a company at Deerwood, are very excited to have arranged,” said Mr Katz, who founded Deerwood in 2009 with partner David Rosenberg. “It’s certainly a high profile asset and an amazing hotel and an amazing property and a real destination with great restaurants and a rooftop bar. So we’re excited about the transaction for those reasons.”
The Gansevoort Park Hotel, built in 2010, is perhaps best known as temporary housing for ill-fated Kim Kardashian and Kris Humphries, who lived in the penthouse during their approximately 72 days of wedded bliss. The construction loan on the hotel was still in place, having outlasted the marriage.
Mr. Katz said that the transaction is in line with what Deerwood’s involved in and that other hotel transactions are underway at the firm. Over the past 12 months, he added, Deerwood has “financed about a billion dollars worth of deals.” He said that it was very active around the country as well.