Argentic Refis Thor-Owned SoHo Hotel With $54M Loan

Thor Equities Group has scored a $53.5 million loan to refinance a boutique SoHo hotel, Commercial Observer has learned.

Argentic Real Estate Finance supplied the loan for Thor’s 114-key ModernHaus SoHo hotel, which debuted in May 2021 where the former James Hotel once stood before shuttering during the height of the COVID-19 pandemic. 

Thor secured a $50.1 million refinancing for the Lower Manhattan hotel from Ramsfield Hospitality Finance in November 2022, CO first reported at the time. 

“We are committed to delivering exceptional hospitality experiences while also creating long-term value for the property,” Joe Sitt, chairman of Tho Equities, said in a statement. 

ModernHaus SoHo sits at 27 Grand Street, at the corner of Thompson and Grand streets, one block north of Canal Street. Rooms typically rent for between $400 and $700 per night, according to the hotel’s website. Amenities include a cafe and a rooftop pool and bar.

Thor acquired the hotel property at 27 Grand Street for $66.3 million in 2017 from PGIM Real Estate, which included a $44 million acquisition loan from Natixis, Hotel Management reported at the time. PGIM purchased the hotel in 2013 for $83.4 million from Brack Capital Real Estate. 

Officials at Argentic did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.