Casa Cipriani owners can relax and enjoy Bellini after winning a $ 100 million refinancing of Lower Manhattan real estate.
A trio of ownership of Midtown Equities, Centaur Properties and Cipriani SA has landed a refinancing from Acore Capital, Commercial Observer reported. Refinancing took place in the form of a three-year bridge loan, including two one-year extension options.
The Walker & Dunlop team, including Jonathan Schwartz and Aaron Appel, arranged the debt.
Refinancing is a step further for waterfront hotel owners who struggle to get the project on track. In 2007, a team led by the Dermot Company was used to remodel the structure of 10 South Street, colloquially known as the Battery Maritime Building. However, when construction funding was not available, a venture between Centaur and Cipriani intervened to start work in 2017.
That same year, the project was detained in a proceeding about later. 150 Chinese sued New York City Regional Center Allegedly misleading them. Investors have invested a total of $ 77 million in EB-5 funding for the project.
Midtown Equities of the Cayre family reportedly participated in the project in 2018 as an investor and development partner. Plans to acquire a 30% stake in the project.. Midtown was set up to split ownership on a par with Centaur and Cipriani.
Casa Cipriani opened at the end of last year and served as both a luxury hotel and a membership club. The property has a private club, a restaurant and a 15,000-square-foot spa. It features 47 hotel rooms and suites, and a private balcony with views of the Brooklyn Bridge and the Statue of Liberty.
Acore Capital provided construction funding in 2019 and basically refinanced with the latest transactions.
Elsewhere, Acore recently provided a $ 80 million senior loan as part of a $ 120.9 million construction loan. Embarrassed apartment project Located in New Haven, it is developed by the Ironberg Organization, an affiliate of the Hudson Meridian Construction Group.
[CO] — Holden Walter-Warner