An affiliate of GFI Capital Resources has secured $195 million in refinancing for The Beekman, a historic landmarked 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 being used to repay existing debt and outstanding obligations of the property as well as to establish reserves for the hotel.
“The refinancing is a validation of the demand for this award-winning hotel that has been a hotspot for cocktails, events, and stays by New Yorkers and visitors to New York since it opened its doors,” said Allen Gross, chairman and CEO of GFI Capital Resources Group. “The Beekman Hotel is unique and a stunning gem in our portfolio that has weathered the worst of the pandemic. After a positive Q4, we are beginning 2022 in a strong position to capitalize on the expected rebound of business and leisure travel to New York.”
Constructed in 1880, The Beekman at 123 Nassau Street originally functioned as an office building. The final tenant moved out in 2001 and after that the building sat vacant until around 2010, when renovations kicked off. The first phase was the creation of a new residential volume with a collection of condominiums and amenity spaces. The hospitality conversion began after GFI acquired the property in 2011 and was completed in 2016 when the hotel first opened.
Today, The Beekman, a Thompson Hotel property managed by Hyatt, includes 287 guestrooms, including 38 suites and two penthouses with private rooftop terraces. There are also two restaurants curated by celebrity chefs Tom Colicchio and Daniel Boulud, private meeting and event space, and a new nightlife venue opening spring 2022.
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It’s time to reopen the City. People need to come back to the office, and tourists be welcomed with open arms. It’s time.
It’s most definitely time.
true for every city in the country
The city has been open. It is just the financial and legal industries are treating their employees like snow flakes and continuing them to work from home.
Anyone who has not visited this bldg. should go in. It’s a beauty.