Dream Hotel Group landed a $56 million loan for a Midtown commercial portfolio that includes the — what else — Dream Midtown hotel.
Dream Hotel Group lands $56M loan for Midtown portfolio
The loan covers the Dream Midtown hotel
New York /
Nov.November 01, 2018 04:45 PM
The loan covers 200, 204 and 210 West 55th Street, according to records filed with the city on Thursday. It replaces a $55 million Ladder Capital loan from 2013. Loancore Capital assumed the $52.25 million of outstanding debt on the properties and provided a $3.75 million gap mortgage.
The Dream Hotel, at 210 West 55th Street, is a 13-story property at the corner of Broadway. The building’s penthouse is home to a 2,500-square-foot rooftop lounge called PHD Terrace. Restaurant and club operator TAO Group operates PHD Terrace as well as two other bars in the property: cocktail and wine bar The Rickery and lounge/arcade game emporium FISHBOWL.
The 204 West 55th Street property is an eight-story mixed-use building with 48 apartments and two commercial units, according to city data. The ground floor retail space is currently occupied by cocktail bar Tanner Smith’s. The building at 200 West 55th Street, meanwhile, is a six-story office building that spans 14,100-square feet. The ground floor retail is occupied by Mexican restaurant La Esquina.
Dream Hotel Group is headed by hotelier Sant Singh Chatwal and his son Vikram. The company, which operates The Chatwal, Time Hotel and Unscripted hospitality brands, said that there are no plans to alter the buildings in any way. The firm also operates the Dream Downtown hotel at 355 West 16th Street.
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