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 •
I recently returned from ALIS and, on the trip home, Dennis Nessler and I shared stories about who we met and what we heard—not only the news of the industry, but the temperature of it. And, we concluded what many of you I’m sure have, too: It’s pretty hot right now.