Ladder Capital, the commercial real estate finance company, has provided $100 million to refinance the formerly distressed Dream Hotel in Midtown, The Real Deal has learned.
Jay Stein, the COO of Hampshire Hotels, which owns the property, said the refinancing deal closed Feb. 19. Hampshire had previously been delinquent on a $97.25 million loan attached to the property at 210 West 55th Street. The refinancing means the property is no longer in distress.
Absent the refinancing, the hotel would have ranked among the most distressed properties in Manhattan according to a recent ranking compiled by The Real Deal.
The original loan secured by the 220-room hotel was placed on special servicer status in 2009, The Real Deal previously reported. It was granted to the borrower in 2006 and was set to mature in 2016, public records show.
The hotel was opened by Hampshire in 2004. The company owns the property through a ground lease but does not own the underlying land.
A spokesperson for Ladder, a nationally-focused lender whose portfolio includes CVS pharmacies, did not immediately respond to a request for comment.