“To sleep, perhaps to dream…” William Shakespeare once wrote, and we dare say the bard of Avon would sleep pretty tight, knowing that the spot where his play “Hamlet” made its debut is in New York City just received some considerable dollars in 1761.
Affiliated with GFI Capital Resources Group just closed a $195 million refinancing for The Beekman hotel in lower Manhattan, Commercial Observer can report first.
Bank OZK provided a $130 million senior loan in the deal, while raising $65 million in subordinated debt through the Tel Aviv Stock Exchange. Financing stops existing debt on the property and also finances reserves for the monumental building.
“The refinancing confirms the demand for this award-winning hotel that has been a hot spot for cocktails, events and stays for New Yorkers and visitors to New York since it opened,” all big, Chairman and CEO of GFI, in prepared remarks.
Newmark‘s Dustin Stolly, Jordan Roeschlaub and Nick Scribanic negotiated the loan from the Bank OZK.
GFI acquired the Beekman, at Nassau Street 123in March 2012, subsequently undertaking a substantial renovation and rehabilitation of the asset before making its market debut as a Thompson Hotel in 2016. Formerly known as the Temple Court Building, the historic building retains several of its original architectural details and features a striking, Instagram-friendly nine-story atrium.
Since its launch, the hotel has held the “World’s Best Hotels 2021” and “Top 15 Hotels in New York City” lists in the Travel + Leisureand was crowned one of New York’s Condé Nast Traveler gold hotels in 2019.
It includes 287 rooms, plus meeting and event space. The hotel is also home to chef and restaurateur Tom Colicchio‘s Tempelhof restaurant and Daniel Boulud is scheduled to opening a second restaurant at the property this spring, the real deal reported. Keith McNally‘s Augustine restaurant that had previously opened on the site, before the pandemic forced it to close in July 2020.
GFI officials said the company’s focus during the pandemic has been: on “working with the hotel management teams to maintain the dialogue with their customers, [providing] a safe environment for its hotel staff and guests, and to address the financial challenges posed by the pandemic.”
“The Beekman Hotel is unique and a beautiful gem in our portfolio that has weathered the worst of the pandemic,” Gross said. “After a positive fourth quarter, we enter 2022 in a strong position to capitalize on the expected uptick in business and leisure travel to New York.”
Those travelers stay in a historic place, with various moments of cultural significance deeply woven into the tapestry of the Beekman site. “Hamlet” was first presented on The Chapel Theaterwhich was previously at the address.
And although Shakespeare also warned: “Neither a borrower nor a lender,” in “Hamlet,” we think both GFI and Bank OZK struck a good deal this week.
Bank OZK officials were not immediately available for comment.
Cathy Cunningham can be reached at: firstname.lastname@example.org.