Mack Real Estate Contributes $85M Mezz Loan in Manhattan Hotel Portfolio Refi
By Matt Grossman February 14, 2018 4:44 pm
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The $385 million refinancing package Hersha Hospitality Trust and Cindat Capital Management secured to roll over debt on a set of seven Manhattan hotels includes an $85 million mezzanine loan from Mack Real Estate Credit Strategies affiliate Claros Mortgage Trust, according to a Securities and Exchange Commission filing.
The mezz loan shares the capital stack with a $300 million senior mortgage from UBS and China Merchants Bank. Both are three-year loans with two one-year extensions.
The Real Deal first reported the senior lenders on the deal.
The portfolio includes three Holiday Inns and three Hampton Inns, as well as one Candlewood Suites location. Five of the properties are in Chelsea and Hell’s Kitchen, and the other two are in the Financial District.
Representatives for the transaction parties did not immediately respond to requests for comment.
