Pembrook Capital Provides $25.8M Loan for Hudson Yards Area Development

NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
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‣ Walker & Dunlop

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