Cronheim Hotel Capital (CHC) has secured a $47-million loan on behalf of investment firm Lexin Capital to refinance the existing note on the 150-room Hyatt House NewYork/Chelsea. CHC sourced the loan with a New York City-based bank on a five-year term and a favorable fixed rate.
The hotel, located in Manhattan’s Chelsea neighborhood, is near Madison Square Park, Penn Station, the Empire State Building and the High Line.
Beau Williams, senior managing director, CHC, said, “Noting the extreme fluctuations in current capital market conditions, we strategized that a bank balance sheet would fit the mold perfectly on this refinance. Our team did a wonderful job of securing great terms and delivering on our promise. The hotel and location speak for themselves, and Lexin Capital has done a tremendous job outperforming its competitors to solidify a great position in its comp set.”