Gansevoort Meatpacking scores $115M refi

Lone Star Funds affiliate lends on trendy 186-key property

TRD New York /
Feb.February 23, 2017 05:05 PM

The owner of the Gansevoort Meatpacking NYC hotel secured a $115 million refinancing from L Star Capital, an affiliate of Lone Star Funds, sources involved in the transaction told The Real Deal.
The 10-year commercial mortgage-backed securities loan has an 8 percent debt yield, and a source familiar with the transaction described it as the “miracle on Gansevoort.” The loan includes five years of interest-only payments.

The owners of the hotel, the Achenbaum family, planned to reposition the 11,000-square-foot retail space at the base of the 186-key hotel, sources said.

They also plan to invest in the hotel’s rooftop, which is a trendy sundowner hotspot for the West Side set.

Peter Weiss of Ackman-Ziff Real Estate Group was the sole broker on the transaction. He declined to comment.

The property, located at 18 Ninth Avenue between Little West 12th and 13th streets, was completed in 2004. The Achenbaums leased the land from Ira Drukier and Richard Born, of BD Hotels fame.

In general, New York’s hotel market is going through a challenging period, with revenue per available room (RevPar) on the downswing. Some executives believe, however, that the city’s hotel market is about to turn a corner.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...