Hotel Chelsea

New York, NY

175,900 Sq. Ft. Hospitality Property
Financing Amount: $85,000,000

Challenge:

Secure acquisition and construction financing carrying a 36-month term for the repositioning of a landmark hospitality asset in Manhattan’s Chelsea neighborhood.

Solution:

Meridian leveraged its strong lending relationship with a prominent European balance sheet lender to secure a 36-month, LIBOR-based acquisition and renovation loan with a 12-month extension option, affording the client the opportunity to effectively execute its business plan.