Meridian, Eastdil Arrange $275M Financing for NYC's Milford
Monday March 25th, 2013 - 10:11AM WS
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NEW YORK—Meridian Capital Group, LLC, and Eastdil Secured negotiated $275 million in permanent financing for the acquisition of the fee position in the Milford Hotel on behalf of a partnership between David Werner and Deutsche Asset & Wealth Management’s real estate investment business.
The 10-year, fixed-rate, full-term, interest-only CMBS loan was provided by Morgan Stanley Mortgage Capital Holdings, LLC.
The new financing facilitates the acquisition of the fee interest in the 1,331-room hotel located at 700 Eighth Ave. from a venture between Rockpoint Group and Highgate Holdings.
The 26,000-sq.-ft. retail unit is held in separate ownership.
The Milford Hotel is a full-service hotel operated by Highgate Holdings.The hotel features a new 8,700-sq.-ft. lobby; a 2,900-sq.-ft. indoor/outdoor rooftop bar and a fitness center. The property’s infrastructure also was completely upgraded and modernized to more energy-efficient standards as part of a recent capital improvement plan, according to the company.
Meridian Managing Director Abe Hirsch and Managing Director, Head of Equity Capital Markets Peter Steier negotiated this transaction along with representatives of Eastdil Secured.
Tags: • Hospitality • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.