Chinese developer lands $137M refi for world’s tallest Holiday Inn

Ladder Capital is the lender at 99 Washington Street

New York /
Sep.September 20, 2018 05:00 PM

Mission Capital’s Beau Williams and the Holiday Inn at 99 Washington Street (Credit: Mission Capital and Google Maps)

Almost a year after Jubao Xie put the world’s tallest Holiday Inn up for sale, the Chinese developer refinanced the property at 99 Washington Street with a $137 million mortgage.

Ladder Capital issued the 10-year, non-recourse, interest-only, fixed-rate loan, which replaces a $135 million mortgage from Bank of China. Mission Capital Advisors’ Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny brokered the deal.

Xie developed the 50-story, 492-room hotel in Manhattan’s Financial District with Sam Chang and took control of the property in 2014. The hotel has an occupancy rate of 93 percent. The building is also home to restaurant St. George’s Tavern.

Xie hired Marcus & Millichap in late 2017 to shop the hotel with an asking price of more than $300 million.

“With a loan maturing, the borrower was considering selling the property or refinancing, and the local dynamics and capital markets made them ultimately decide to refi,” said Mission’s Williams. “They’re very bullish on New York’s hotel market, and with cheap financing available, they determined that the best strategy was to make this asset a long-term hold.”


Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
Ten mid-market investment sales to start your day
Ten mid-market investment sales to start your day
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
arrow_forward_ios

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

Loading...