GEM Hotel developer reloads, raises $33M in refinancing

Mission Capital, Ladder Capital arranged funding

300 West 22nd Street
300 West 22nd Street

Icon Realty Management has secured $33 million in financing for Chelsea’s GEM Hotel, replacing an initial $22 million mortgage closed in January of 2012.

Sign Up for the undefined Newsletter

The first mortgage and mezzanine financing, arranged by Mission Capital Advisors and provided by Ladder Capital, was split between a CMBS loan with a 30-year amortization and an interest-only mezzanine facility, a source familiar with the negotiations told the New York Observer. Mission Capital’s Jordan Ray, Jason Cohen and Ari Hirt led the negotiations on the new debt, which closed on Feb. 28.

The 81-key boutique hotel at 300 West 22nd Street opened in 2008 following a gut renovation, and marked manager Gemini Real Estate Advisors’ 18th property and fourth in New York City. The firm recently filed plans to construct its next project, a 19-story hotel at 36 West 38th Street in the Fashion District. [NYO]Julie Strickland