Cronheim Hotel Capital has secured a $120-million refinance loan on behalf of Lam Generation for the 341-key Renaissance New York Chelsea Hotel.
Beau Williams, Cronheim’s senior managing director, sourced the loan with a life company.
“Lenders have been extremely reluctant to repatriate equity over the last several months but we ultimately were able to match Jeff Lam [Lam Generation principal] with a great lender and tailor a structure that was in line with his investment strategy,” noted Williams. “Jeff truly built a wonderful hotel and one that deserved exceptional financing and we were able to accommodate such by building off the beauty and wonderful performance of this hotel.”
Lam Generation is a full-service real estate development, investment and management company based in New York City. Founded in 2005, the company has developed ground up more than 1.5 million sq. ft. of real estate assets in Manhattan and Brooklyn, which includes hospitality, residential, office and retail.
Loan facility for stayAPT Suites
The Cronheim team of Williams and Michael McGuire have secured financing on behalf of stayAPT Suites and its affiliates for a senior secured term loan facility.
The facility encompasses more than 40 open and planned locations across the US.
“We thoroughly enjoyed working with the stayAPT Suites team, specifically Gary A. DeLapp, president/CEO, and Morgan Sickles, EVP, finance and corporate development,” said Williams. “The request was certainly challenging due to the nature of the capital market’s landscape and the multi-stage lifecycle of the collateral pool. We were able to solidify a bespoke structure with a great bank that in the end was very accretive for the stayAPT Suites brand’s corporate and franchise growth plans. We look forward to a continued relationship with a great group of folks that have produced a great product.”
