Taconic Capital Refis Martinique New York Hotel With $95M Loan
By Andrew Coen December 14, 2022 6:17 pm
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Burnett Equities has nabbed a $95 million debt package to refinance a Hilton-branded hotel in Midtown Manhattan, Commercial Observer has learned.
Taconic Capital provided the loan for Burnett’s Martinique New York on Broadway, Curio Collection by Hilton on the border of Koreatown and Broadway. Burnett acquired the 531-key hotel — erected in 1897—in November 2021 for $55.5 million from Herald Hotel Associates and executed a $55 million renovation plan to improve the guest rooms, lobby and façade.
Newmark (NMRK) arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of the debt & structured finance team, along with Nick Scribani, Tyler Dumon and Tim Polglase. Adam Etra and Jessica Shevins from Newmark’s lodging capital markets team also assisted in the transaction.
Prior to the acquisition late last year, Burnett signed seven new leases totaling more than 40,000 square feet of what was previously vacant retail space including eateries Noksu, Nyx, Karaoke and Baekjeong Black. Located at 49 West 32nd Street in Herald Square, the hotel has amenities that include a 24-hour fitness center and same day dry cleaning. It also features 10 event spaces, including a 400-guest ballroom and the historic PGA Boardroom, where the Professional Golfers’ Association of America was officially formed in 1916.
Officials at Taconic could not immediately be reached for comment. Officials at Burnett Equities did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
