Finance Deals of the Week: $155M Refi of the Lexington Hotel in NYC
The top five financings from April 29 to May 3
By The Editors May 3, 2024 10:00 am
reprints
Lending picked back up this week with a major refinancing of a top hospitality property in New York: $155 million for the Lexington Hotel in Midtown Manhattan — financed by Hudson Bay Capital. There was also Franklin BSP Realty Trust lending $125 million for a four-building, single-tenant industrial portfolio across three states. Not to be outdone, GDS Brightstar, the lending arm of GDS Development Management, provided a $34 million bridge loan with Sabal Investment Holdings on a boutique office building in the Meatpacking District. Here are the rest of the deals.
| Loan Amount | Lender | Borrower | Address | Asset | Broker |
|---|---|---|---|---|---|
| $155 million | Hudson Bay Capital | Island Capital Group, MCR Hotels and Three Wall Capital | 511 Lexington Avenue; New York City | Hospitality | Walker & Dunlop's Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet |
| $125 million | Franklin BSP Realty Trust | Fundrise | Four-building industrial portfolio; Phoenix, Las Vegas and Dallas/Fort Worth. | Industrial | Cushman & Wakefield's Rob Rubano, Brian Share, Max Schafer and Ernesto Sanchez |
| $68 million | Forman Capital | Alta Development | River District 14; Miami | Multifamily | N/A |
| $56 million | BridgeInvest | Tara Capital | 2424 South Voss Road; Houston | Multifamily | N/A |
| $34 million | GDS Brightstar and Sabal Investment Holdings | G4 Capital Partners | 76 Eighth Avenue; New York City | Office | N/A |
Finance Deals of the Week reflect deals closed or announced from April 29 to May 3. Information on financings can be sent to editorial@commercialobserver.com.
Deals of the Week, Bridge Industrial, Bridge Investment Group, CIBC Bank, Franklin BSP Realty Trust, Fundrise, G4 Capital Partners, GDS Brightstar, Hudson Bay Capital, Island Capital Group, MCR Hotels, Sabal Investment Holdings, Tara Capital, Three Wall Capital
