GE Real Estate provides $62m loan to refinance Marriott Courtyard

GE Real Estate has provided a $62 million fixed rate loan under its Flexible Fixed Rate Program to Madison 92nd Street Associates, LLC to refinance the Marriott Courtyard Upper East Side in New York City.  It is the only major branded hotel in a predominantly residential area of Manhattan. Opened in August 2006, the 226-room Marriott Courtyard Upper East Side is located near the southeast corner of 92nd St. and 1st Ave. The neighborhood has a large portion of the city's healthcare facilities including Lenox Hill, Memorial Sloan Kettering Cancer Center, Mount Sinai Hospital and Medical Center, and New York Presbyterian Hospital. The property's amenities include an indoor swimming pool and whirlpool, health club and business center, and its lobby provides direct access to the restaurant next door. "GE Real Estate performed exactly as promised in a financing market that has recently become less liquid," said Robert Gladstone, CEO of Madison Properties. "We are very pleased with this deal as well as GE's ability to expedite its closing." Madison 92nd Street Associates, LLC is affiliated with Madison Equities and NYRE Management. Madison Equities, which conceived and built the property, has developed high quality commercial, residential and hotel properties in Manhattan for over 40 years.   Cooper Horowitz and Wall Street Realty Capital acted as Mortgage Brokers on the deal. "This is a difficult environment for financing and GE is a strong partner able to offer very competitive terms.  GE executed for us.  They closed the deal, without any changes from the application, in a very volatile credit market," said Richard Horowitz, a principal at Cooper Horowitz.    "Despite the economic slowdown, hospitality demand growth remains strong in Manhattan," said David Cohen, regional director, northeast, for GE's North America Lending Group. "We appreciate this opportunity to provide financing to experienced hotel management professionals with an impressive record of success in this market and hope to have the opportunity to do more business with them in the near future."