Gansevoort Secures $160M For Park Ave. Hotel Refi

Law360, New York (June 11, 2012, 6:46 PM EDT) -- Luxury hotel company Gansevoort Hotel Group's Park Avenue location has refinanced $160 million in construction debt with the help of Citigroup Inc., Redwood Trust Inc. and Deerwood Real Estate Capital, Deerwood announced Monday.

The transaction includes the hotel's original $140 million mortgage, refinanced by Citigroup, and $20 million in mezzanine debt refinanced by Redwood, according to Deerwood co-founder Abe Katz. The 10-year, fixed-rate loan will be used to pay off construction costs incurred before the hotel opened in 2010.

“Given the state of the market and...
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