Cronheim secures loan to refinance NYC Fairfield

Cronheim Hotel Capital (CHC) has secured a $22-million loan on behalf of LAM Generation to refinance the existing note on the 92-room Fairfield Inn & Suites by Marriott New York Manhattan/Fifth Avenue.

The CHC team of Beau Williams, senior managing director, and Michael McGuire, executive director, sourced the loan.

“We are very pleased to continue partnering with the local bank community in an environment that continues to be volatile,” said Williams. “These partnerships are truly paramount in these times especially when fundamentally good deals (asset + sponsor) are deserving of good economics and execution. LAM Generation is a great example of this, and we were very pleased to execute for them.”

LAM Generation is a full-service real estate development, investment and management company based in New York City. Founded in 2005, the firm has developed more than 1.5 million sq. ft. of ground-up real estate assets in Manhattan and Brooklyn.