Whitby and Crosby Street hotels just scored a $125M refi

Wells Fargo provides new financing for Firmdale’s two NYC properties

New York /
Oct.October 02, 2017 07:00 AM

The British developer of two luxury boutique New York City hotels just scored a refinancing for both.

Firmdale Hotels, a London-based brand from husband-and-wife team Tim and Kit Kemp, received a combined $125 million in Financing From Wells Fargo For The New Whitby Hotel And The Crosby Street Hotel, sources told The Real Deal.

Firmdale Opened The Crosby Street Hotel at 79 Crosby Street in Soho in 2009, its first U.S. property. The Kemps waited almost a decade for a New York follow-up, opening the Whitby Hotel at 18 West 56th Street in Midtown in February of this year. The hotels have 86 rooms apiece.

The financing for both hotels comes out to about $727,000 per key. The funds replace and expand upon the $83 million that Wells provided for both sites in 2014, according to sources and property records.

Solil Management, the company that controls the assets of the late real estate mogul Sol Goldman, owns the land beneath both hotels. The Kemps own the leasehold.

A JLL team led by Kevin Davis, Jeff Davis and Matt Nowaczyk brokered the financing. Firmdale and the brokers could not be reached for comment.

Firmdale owns eight hotels in London.


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
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
NYCEEC co-CEOs Curtis Probst and Fred Lee (iStock, NYEEC)
The wait is over: C-PACE finally goes live in NYC
The wait is over: C-PACE finally goes live in NYC
arrow_forward_ios

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

Loading...