NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed.
The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc.
Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts.
The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center.
“The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP.
BSP, a wholly owned subsidiary of Franklin Templeton, is a global alternative credit asset manager based in New York City. The firm had $77 billion of assets under management as of third-quarter 2024.
— Taylor Williams