FiDi Hotel Gets $66M Refi From M&T Bank

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M&T Bank is lending $66 million to refinance a hotel near the southern tip of Manhattan, according to city property records.

The deal refreshes a prior M&T Bank loan on the property, at 6 Water Street, from 2014, for $67 million. The transaction includes a new mortgage worth $1.2 million as well as a $65.8 million rehash of outstanding debt. The 2014 loan was originally due in April, but this March the lender agreed to extend the financing to an August maturity date.

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Magna Hospitality Group, a lodging manager based in Warwick, R.I., is the borrower on the property, which it operates as a Hilton Garden Inn. The 250-room hotel stands across Water Street from the Staten Island Ferry terminal and Battery Park, and includes a fitness center and a restaurant, the Garden Grille. Rooms for an August weekend started at $319—or $20 more for a room with a view of New York Harbor.

Built in 2017, the hotel building replaced a demolished five-story office tower that had dated to 1930, according to CoStar Group data. Magna paid $44.2 million five years ago to purchase the development site.

Magna, led by one of its co-founders, Robert Indeglia, owns 20 hotels across the country and fully manages each of them, according to its website. The 21-year-old firm also operates lodgings under the Marriott, Hyatt, Starwood and Intercontinental brands. 

Representatives for the company, and for M&T Bank, didn’t respond right away to inquiries.