Riyad Bank Refinances Tribeca Hotel With $60M Loan
By Andrew Coen September 18, 2023 7:00 am
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Bridgeton Holdings has sealed a $60 million debt package to refinance its boutique hotel in Manhattan’s Tribeca neighborhood, Commercial Observer has learned.
Riyad Bank supplied the loan on Walker Hotel Tribeca, which opened in 2020 following its conversion from office use.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Tyler Dumon.
Located at 77 Walker Street, the 171-key Walker Hotel Tribeca was previously an office building that was built in 1899. The hotel is Bridgeton’s second Walker-branded hotel in Manhattan following the opening of its Walker Hotel Greenwich Village in 2013.
Akasha Sharma, president of Bridgeton Holdings, said in a statement, “we are pleased with the result and excited to build on our relationship with Riyad Bank”.
Bridgeton had secured a $57 million construction loan in late 2018 from BofI Federal — now Axos Bank — to convert the landmarked office building at the corner of Walker Street and Broadway into a hotel in a deal also sourced by Newmark, The Real Deal reported at the time. Manhattan-based Bridgeton, which is led by CEO Atit Jariwala, acquired the 10-story building for $42 million from Isaac Chetrit in 2013, according to TRD.
Officials at Saudi Arabia-based Riyad Bank did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
