101  0 Kommentare Walker & Dunlop Closes $155 Million Refinancing for Manhattan’s Lexington Hotel

The Lexington Hotel (Photo: Business Wire)

Initially completed in 1929, The Lexington Hotel has undergone extensive renovations and conversions over the years, culminating in its transformation into a Marriott Autograph Collection hotel in 2013. The hotel was acquired by the Sponsors in 2021 and is a testament to timeless elegance and modern luxury in one of New York City's most coveted locations.

The Walker & Dunlop New York Capital Markets team, led by Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Christopher de Raet, arranged the transaction. The team secured a bridge facility to refinance The Lexington Hotel's existing debt.

"We are thrilled to have facilitated this transaction on behalf of sponsorship for such an iconic landmark," said Jordan Casella, lead broker for the deal and managing director at Walker & Dunlop. "This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and business destination. The quality of the asset, along with the strength of the sponsor team, generated significant interest from the capital markets for the refinance.”

The 28-story hotel, located at the corner of Lexington Avenue and 48th Street, boasts 725 keys, including six specialty suites, such as the Norma Jeane Suite, where Marilyn Monroe lived with then-husband Joe DiMaggio. Various amenities, from The Stayton Room bar and restaurant to 3,000 square feet of meeting space, cater to business and leisure travelers. On-property retail amenities such as Crunch Fitness and Starbucks further enhance the experience.

Situated within the dynamic market of Midtown East, The Lexington Hotel benefits from its proximity to major office developments and transportation hubs. As the city's tourism and business travel rebound post-pandemic, the hotel is capitalizing on its location and unique offerings.

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In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240502781850/en/