A subsidiary of GFI Capital Resources secured $195 million in refinancing for The Beekman, a historic hotel in Manhattan’s financial district. The deal included a $130 million senior loan with Bank OZK arranged by Newmark and a $65 million subordinate financing raised from bond investors on the Tel Aviv Stock Exchange.
Proceeds from the funds raised are used to pay off existing debt and outstanding obligations of the property as well as to establish reserves for the hotel.
“The refinancing is validation of demand for this award-winning hotel that has been a hot spot for cocktail parties, events and stays for New Yorkers and visitors to New York since it opened,” said Allen Gross, president- Managing Director of GFI Capital Resources Group. “The Beekman Hotel is unique and a stunning gem in our portfolio that has withstood the worst of the pandemic. After a positive fourth quarter, we enter 2022 well positioned to capitalize on the expected rebound in business and leisure travel to New York. »
Built in 1880, The Beekman at 123 Nassau Street originally functioned as an office building. The last tenant moved out in 2001 and after that the building remained vacant until around 2010 when renovations began. The first phase was the creation of a new residential volume with a set of condominiums and leisure spaces. The hotel conversion began after GFI acquired the property in 2011 and was completed in 2016 when the hotel opened.
Today, The Beekman, a property of the Hyatt-managed Thompson Hotel, has 287 rooms, including 38 suites and two penthouses with private rooftop terraces. There are also two restaurants curated by celebrity chefs Tom Colicchio and Daniel Boulud, a private meeting and event space, and a new nightlife venue that will open in spring 2022.
Subscribe to YIMBY daily email
To follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
To follow YIMBY’s Twitter for the latest YIMBY news