News:
Brokerage
Posted: February 11, 2025
Cronheim Hotel secures $40
million refinance for Chelsean New York
Manhattan, NY Beau Williams and Drew Gilligan of Cronheim Hotel Capital (CHC) have secured a $40 million permanent loan on behalf of the Lam Group to refinance the existing debt and capitalize a modernization refresh on the 158-room Chelsean New York Hotel.
Drew Gilligan, director of CHC, said “Lam Group has positioned the hotel to take full advantage of all that the Chelsea neighborhood has to offer. Once the hotel renovation is completed, the hotel will be able to fully capture the ever-changing demographics and demand both locally and nearby Fashion District and Midtown areas.”
Beau Williams, senior managing director, said “Working with a well-respected local lender, we were able to strategically structure the deal to best fulfill the short-term needs of the hotel with a long-term business relationship in mind.”
The hotel is centrally placed in the Chelsea neighborhood, benefiting from visitors drawn to its galleries, restaurants, events, and attractions such as the Empire State Building, Madison Square Garden and the Meatpacking District.
Tags:
Brokerage
MORE FROM Brokerage
CM&B completes 15,000 s/f Activate Games NYC debut in Union Square
Manhattan, NY Construction Management and Builders, Inc. (CM&B) has completed construction of Activate Games’ first US flagship store in New York City, transforming a historic Union Square retail destination into a 15,000 s/f active gaming experience where players become part of the game.
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
August Promotion
