W Union Square senior lender to foreclose

January 27, 2010 12:32PM

The W New York – Union Square hotel, which was acquired from Dubai’s Istithmar in a foreclosure auction last month by private equity fund LEM Mezzanine, isn’t finished working through its financial woes. DekaBank, a senior lender with a $60 million mezzanine loan on the property, is planning to hold a foreclosure auction March 24, the Post reported. Istithmar acquired the 270-room hotel at 201 Park Avenue South for $285 million in 2006. An additional $115 million senior loan on the property is current. [Post, 3rd item]

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