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Monday, 23 September 2019

M&T Bank Lends $66Mln Against New Manhattan Hotel

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Commercial Real Estate Direct Staff Report

M&T Bank has provided $66 million of financing against the 176-room Hotel Hendricks in midtown Manhattan.

The loan allowed the property's developer and owner, Fortuna Realty Group of New York, to retire $65 million of construction debt that M&T had provided three years ago.

The 27-story property, at 25 West 38th St., opened in June. It has a fitness center, restaurant and two rooftop bars.

The hotel, which sits between Fifth and Sixth avenues, is one block from Bryant Park and the New York Public Library and four blocks from the Empire State Building.

Fortuna had bought the site in 2012, when it had two buildings on it, for $11.8 million from a venture that included Quality Capital, a New York developer. Fortuna demolished the buildings and constructed the hotel, which is the company's fifth. It owns three other hotels in Manhattan: the 120-room Hotel Henri, at 37 West 24th St. in the Nomad area, which it had bought at a 2015 foreclosure auction for $60 million; the 122-room Hotel Hayden, at 127 West 28th St. in the Chelsea neighborhood, which it developed in 2009; and the 122-room Hotel Hugo, at 525 Greenwich St. in Greenwich Village, which it developed five years ago. It also owns the 169-room Garden City hotel, at 45 Seventh St. in Garden City, N.Y., on Long Island, which it acquired in 2012.

In addition, Fortuna is redeveloping the former 56,000-square-foot office building at 1150 Sixth Ave. in midtown Manhattan into a 310-room hotel and constructing a 128-room hotel at 120-122 Water St. in the borough's Financial District.

Comments? E-mail Tim Casey or call him at (267) 397-3347.


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 million
  • Private: No
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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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