Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated $70 million for the refinance of the Refinery Hotel on behalf of 63 West 38th LLC.
The 10-year loan features a competitive fixed-rate and was provided by a CMBS lender. This transaction was negotiated by Meridian Capital Group Senior Vice President, David Hayum, and Managing Director, Steven Adler, who are both based in the Company’s New York City headquarters.
The Refinery Hotel totals 197 rooms and is located at 63 West 38th Street in the heart of Manhattan’s vibrant Fashion District, blocks from numerous tourist destinations including Times Square, the Empire State Building and Bryant Park. The 12-story property, purchased vacant in 2009 and converted to a hotel, now includes the Parker & Quinn restaurant, Winnie’s lobby bar, Refinery Rooftop and The Hatbox, an industrial gallery space.
“Meridian generated significant lender interest in financing the property given the amenities and unique details throughout, in addition to the sponsors, who are seasoned real estate owners with substantial holdings and experience,” said Mr. Hayum. “To achieve this large cash-out, Meridian articulated to lenders the merits of the deal as the income has consistently increased each month and the client retained a well-known hotel management company to consult on operations,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com