Walker & Dunlop Closes $155 Million Refinancing for Manhattan’s Lexington Hotel
02 Mai 2024 - 12:00PM
Business Wire
Walker & Dunlop, Inc. announced today the completion of a
$155 million refinancing deal for The Lexington Hotel, a historic
landmark in the heart of Midtown Manhattan. Acting as the exclusive
advisor to Lexington Hotel Owner LLC, a joint venture between MCR,
Island Capital Group LLC, and Three Wall Capital, Walker &
Dunlop secured the financing through lender Hudson Bay Capital.
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The Lexington Hotel (Photo: Business
Wire)
Initially completed in 1929, The Lexington Hotel has undergone
extensive renovations and conversions over the years, culminating
in its transformation into a Marriott Autograph Collection hotel in
2013. The hotel was acquired by the Sponsors in 2021 and is a
testament to timeless elegance and modern luxury in one of New York
City's most coveted locations.
The Walker & Dunlop New York Capital Markets team, led by
Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam
Schwartz, and Christopher de Raet,
arranged the transaction. The team secured a bridge facility to
refinance The Lexington Hotel's existing debt.
"We are thrilled to have facilitated this transaction on behalf
of sponsorship for such an iconic landmark," said Jordan Casella,
lead broker for the deal and managing director at Walker &
Dunlop. "This transaction not only underscores the resilience of
the New York City hospitality market but also reaffirms the
enduring appeal of this city as a major tourist and business
destination. The quality of the asset, along with the strength of
the sponsor team, generated significant interest from the capital
markets for the refinance.”
The 28-story hotel, located at the corner of Lexington Avenue
and 48th Street, boasts 725 keys, including six specialty suites,
such as the Norma Jeane Suite, where Marilyn Monroe lived with
then-husband Joe DiMaggio. Various amenities, from The Stayton Room
bar and restaurant to 3,000 square feet of meeting space, cater to
business and leisure travelers. On-property retail amenities such
as Crunch Fitness and Starbucks further enhance the experience.
Situated within the dynamic market of Midtown East, The
Lexington Hotel benefits from its proximity to major office
developments and transportation hubs. As the city's tourism and
business travel rebound post-pandemic, the hotel is capitalizing on
its location and unique offerings.
In 2023, Walker & Dunlop’s Capital Markets group sourced
capital for transactions totaling nearly $12 billion from
non-Agency capital providers. This vast experience has made them a
top adviser on all asset classes for many of the industry’s top
developers, owners, and operators. To learn more about Walker &
Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20240502781850/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
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