Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 01 August 2019

Hersha Hospitality Secures $101.5Mln of Financing Against 2 Manhattan Hotels

The Philadelphia REIT has lined up $101.5 million of financing against two hotels with 329 rooms in Manhattan. It secured a $56 million mortgage, with a 4.17 percent coupon, against the 178-room Hyatt in the borough's Union Square neighborhood and a $45.5 million loan, with a 4.02 percent coupon, against the 151-room Hilton Garden Inn in the Tribeca area.

Commercial Real Estate Direct Staff Report

Hersha Hospitality Trust has secured $101.5 million of financing against two hotels with 329 rooms in Manhattan.

Wells Fargo Bank provided a $56 million mortgage against the 178-room Hyatt, at 134 Fourth Ave. in the borough's Union Square neighborhood. The loan pays a 4.17 percent coupon and matures in June 2023.

The financing allowed Hersha to retire $55.75 million of debt that Natixis had provided in 2015. The previous loan was set to mature this year and had a rate pegged to Libor plus 230 basis points.

Hersha, a Philadelphia REIT, purchased the property for $104.1 million in 2011, when it was a stalled hotel development. The property opened in April 2013.

The Hyatt sits at the corner of 13th Street and Fourth Avenue. It features a restaurant, lobby bar, fitness center, rooftop lounge and 2,500 square feet of meeting space.

Meanwhile, Hersha...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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