NEW YORK — Meridian Capital Group LLC (Meridian) has arranged a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District.
The Holiday Inn Manhattan-Financial District is a 50-story, limited-service hotel totaling 492 rooms. The hotel is located at 99-103 Washington St. and is two blocks south of the World Trade Center. The developers recently completed construction of the property, which is the tallest Holiday Inn in the world. The hotel opened in October 2014.
Meridian arranged the mortgage on behalf of developers Sam Chang and Jubao Xie. The two-year loan, provided by a national balance sheet lender, features a competitive floating rate with interest-only payments for the full term. Emanuel Westfried, Meridian’s vice president, negotiated the transaction.
According to Westfried, the loan was provided to recapitalize the current sponsorship. The existing debt was $45 million from Cathay Bank.
New York-based Meridian was founded in 1991 and arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
— Scott Reid