Crosby Street Hotel
Ramsfield originated a $22 million mezzanine loan as part of a $65 million debt package to facilitate the refinancing of the Crosby Street Hotel in New York, New York. The 36-month, floating rate mezzanine loan was provided to an affiliate of Firmdale Hotels, who owns and operates the property.
Given Ramsfield’s familiarity with the New York hotel market and in-depth/complete understanding of the borrower’s unique approach to operating luxury hotels, we were able to quickly underwrite the opportunity and provide the borrower with excess funds to help grow their US operations and portfolio.
The 5-star, 86-room Crosby Street Hotel is the premier hotel in SoHo. The LEED GOLD-certified hotel features the Crosby Bar & Terrace, library bar, outdoor patio, ±7,500 SF of meeting space, including a 99-seat screening room, rooftop kitchen garden, and fitness center. The guestrooms and suites have high ceilings and oversized casement windows overlooking SoHo and Downtown Manhattan. Each guestroom is individually designed by Kit Kemp to reflect a fresh, contemporary style. Learn more about the property.
The Whitby Hotel
Ramsfield originated a $10 million mezzanine construction loan as part of a $50 million debt package to facilitate the ground-up development of The Whitby Hotel, an 86-room, luxury boutique hotel located just west of Fifth Avenue on 56th Street in Manhattan. The 36-month, floating rate mezzanine loan was provided to an affiliate of Firmdale Hotels.
In underwriting the loan, Ramsfield felt that the property filled a niche in the Midtown market, providing luxury hotel services and amenities in a design-forward setting. In addition, Firmdale’s success envisioning, constructing, and operating the Crosby Street Hotel and their UK portfolio gave Ramsfield comfort in their ability to develop/deliver this soon-to-be landmark property.
The 86-room hotel will be situated in the Midtown/Central Park South neighborhood of Manhattan and will be LEED GOLD certified. The property will feature a restaurant, drawing room, three conference rooms, and a 133-seat screening room. Kit Kemp, co-founder of Firmdale Hotels, will individually design each guestroom to bring her unique style to Midtown.