Thor Seals $50M Refi for SoHo Hotel

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Thor Equities Group has sealed a $50.1 million debt package to refinance a boutique hotel in Manhattan’s SoHo neighborhood, Commercial Observer has learned.

Ramsfield Hospitality Finance supplied the loan for Thor’s ModernHaus SoHo, a 114-room hotel that opened in May 2021. The property was previously the James Hotel, which shuttered in 2020 during the height of the COVID-10 pandemic before Thor rebranded it with updated amenities.

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The JLL Hotels & Hospitality division led by Kevin Davis and Barnett Wu arranged the transaction. 

“Thor did a very good renovation of the entire hotel over Covid,” said Richard Mandel, president of Ramsfield Hospitality Finance. “We feel the renovation jumped the hotel ahead in quality, which will make it well positioned to take advantage of the growth we are seeing in the Hudson Square market.”

The former James Hotel was acquired by Thor in late 2017 for $66.3 million from PGIM Real Estate, Hotel Management reported at the time. The deal included a $44 million acquisition loan from Natixis

PGIM bought the hotel for $83.4 million in 2013 from Brack Capital Real Estate, which had developed the property in 2010. 

Located at 27 Grand Street, ModernHaus SoHo is Thor’s first hospitality brand. The property features an art collection and a restaurant called Veranda run by chef George Mendes. 

Thor declined to comment. 

Thor, led by chairman and CEO Joe Sitt, has been active of late on the industrial front, including the acquisition of 13 warehouse assets in Tampa, Fla., for $37 million in August. It also acquired an 11-asset industrial portfolio in Savannah, Ga., for $49 million in July.

Andrew Coen can be reached at acoen@commercialobserver.com