Walker & Dunlop Inc.‘s Capital Markets team has arranged a $103-million commercial mortgage-backed security (CMBS) loan with Citigroup, J.P. Morgan and Argentic to facilitate the refinancing of Casa Cipriani, a boutique hotel, private members club and event space in New York City.
The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian, served as exclusive advisors to clients Cipriani, Midtown Equities and Centaur Properties.
Originally known as the Battery Maritime Building and constructed in 1909 to serve ferries traveling to Brooklyn, Casa Cipriani is a New York City landmark featuring luxury event, dining, hospitality and social spaces.
The sponsorship team completed their redevelopment of the famous property in 2021, delivering three distinct, upscale concepts—a 47-key luxury boutique hotel, an exclusive private members’ club and an event space—to one of the last prime waterfront development sites in Manhattan.
“Casa Cipriani is a truly irreplaceable asset that has quickly solidified itself as one of the premier hospitality and event destinations within New York City,” said Appel, senior managing director/co-head of New York Capital Markets, Walker & Dunlop. “The quality of the product delivered by the clients, in addition to the outstanding economic performance of the property, resulted in a highly competitive financing process despite the challenges in today’s capital markets environment.”
