Metropolitan Commercial Bank Refis Hotel Giraffe With $30M Loan

Library Hotel Collection has secured a $30 million loan to refinance a boutique Midtown South hotel, property records show. 

Metropolitan Commercial Bank provided the fixed-rate loan with a 7 percent interest rate on the hotel owner’s 72-key Hotel Giraffe east of Madison Square Park at 365 Park Avenue South, according to HKS Real Estate Advisors, which brokered the deal. 

PincusCo. first reported the loan, but did not have interest rate details. 

HKS Real Estate Advisors’ Ayush Kapahi arranged the transaction, which retires previous debt from a 10-year, $39 million commercial mortgage-backed securities loan issued in December 2014 that had a 4.3 percent interest rate. 

Kapahi said no major renovations are planned for the hotel, but the owner is targeting some minor aesthetic upgrades.  

“The hotel has been performing strongly following the pandemic,” Kapahi said.

Hotel Giraffe was developed in 1999 by Library Hotel Collection, which is led by hotelier Henry Kallan. The sponsorship also owns Manhattan hospitality properties Casablanca Hotel in Times Square, the Library Hotel on East 41st Street near the New York Public Library, and the Hotel Elysee on East 54th Street near Park Avenue.

Spokespeople for Metropolitan Commercial Bank and Library Hotel Collection did not immediately return requests for comment.

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