HFF places $32 million non-recourse financing for development of 200-key hotel

Holliday Fenoglio Fowler, L.P. (HFF) has arranged $32 million in non-recourse financing for the development of a 200-key, best-in-class, boutique hotel in the Bowery neighborhood, which will be operated by a top-tier brand name operator. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. The site is located at 223-225 Bowery, south of Houston between Prince and Spring Sts. Due for completion in 2015/2016, the hotel will include an expansive rooftop amenity space along with restaurant and music space with entrances from both Bowery and Freeman Alley. The HFF team representing the borrower was led by senior managing director Jay Marshall, associate director Christopher Peck and real estate analyst Sam Nidenberg. "It is a privilege to have played a role in a truly transformative development that will positively change the landscape of the Bowery neighborhood," Marshall said. Omnia Group was founded in 1998 by David Paz, to acquire, develop and reposition value add real estate projects in the Manhattan market. Omnia's team has more than 60 years of combined experience in New York City real estate. Their capabilities span all facets of the real estate investment life cycle including deal sourcing and structuring, due diligence, finance, development, construction, management, leasing and dispositions. Since inception, Omnia has completed more than 19 projects representing 413,000 s/f of residential units with a combined asset value of nearly $250 million. Northwind Group was founded in 2009 by Ran Eliasaf, as a boutique real estate asset management and development platform. It is based in Manhattan and focuses on value-added residential and commercial projects. Northwind Group invests on its own balance sheet and in joint venture with a selected number of partners. HFF and HFF Securities L.P. (HFFS) are owned by HFF, Inc. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.