NEW YORK CITY—The 50-story Holiday Inn Financial District has obtained a $135-million mortgage for the refinancing of debt on the limited-service hotel property.
The two-year loan, negotiated by Meridian Capital Group, LLC on behalf of Sam Chang and Jubao Xie, was provided by a national balance sheet lender and featured a competitive floating-rate with interest-only payments for the full term, according to Meridian Capital. The transaction was negotiated by Meridian Capital Group vice president Emanuel Westfried, who is based in the company's New York City headquarters.
Construction was recently completed on the Holiday Inn Financial District, which features 495 rooms and is located at 99-103 Washington St. in lower Manhattan. The property is the tallest Holiday Inn in the world and one of the tallest pure hotels in the city
“This loan was provided to recapitalize the current sponsorship,” says Meridian' Westfried. “The existing debt was $45 million from Cathay Bank, which was used to finance construction. The new lender was willing to provide $135 million in proceeds with no operating history and closed the same day the hotel opened for business.”
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