NEW YORK CITY—Starwood Capital Group has secured $125 million of financing to retire the existing construction loan used to build the 1 Hotel Central Park, an upscale, eco-friendly boutique hotel that opened in August. United Overseas Bank provided the loan for the property in Midtown.
JLL managing director Dustin Stolly, international director Jeffrey Davis, EVP Kevin Davis and SVP Brett Rosenberg led the team on the transaction. The loan was secured amid a user-friendly climate for capital, Stolly tells GlobeSt.com EXCLUSIVELY.
"Starwood was able to retire the existing construction loan at a cheaper cost of capital," he says. “For assets in major markets with strong sponsorship, there's an emergence of capital for properties without trailing cash flow.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
