The Real Deal New York

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

Wells Fargo provides new financing for Firmdale’s two NYC properties
By Mark Maurer | October 02, 2017 07:00AM

Kit and Tim Kemp, Whitby Hotel, Crosby Street Hotel and Kevin Davis

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.