Morgan Stanley Provides $89M Refi for Refinery Hotel in Midtown Manhattan
Jacob Aini and Raizada Vaid are listed as owners of the popular hotel
By Brian Pascus August 1, 2024 1:42 pm
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A limited liability company led by Jacob Aini and Raizada Vaid has secured $88.5 million to refinance its interest in the Refinery Hotel, a 197-room boutique hotel in the Garment District of Manhattan.
Aini is a business partner of Issac Chetrit of the Chetrit Group, one of New York City’s largest property owners.
PincusCo. first reported the financing.
Morgan Stanley (MS) – under its Morgan Stanley Private Bank division – provided the loan, which was split between a $70 million senior loan and an $18.7 million subordinate loan. The previous lender on the property was Deutsche Bank, which lent $70 million on the property in 2014, according to property records.
Formerly known as the Colony Arcade Building, the building that now houses the Refinery Hotel first opened in 1912 and sits at 63 West 68th Street, one block away from Bryant Park and near Times Square. The 12-story hotel underwent a renovation in 2013 and now features industrial touches across the rooms and a prohibition-style Jazz lounge in the lobby.
Brian Pascus can be reached at bpascus@commercialobserver.com
