Arch Street Capital Advisors and Stonebridge Companies borrow $45M from Wells Fargo Bank for hotel in Grand Central

Arch Street Capital Advisors and Stonebridge Companies through the entity RIH-SB Property Holding Company, LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $45.0 million for the Residence Inn New York Marriott at 144 East 48th Street in Grand Central. The deal closed on November 13, 2019 and was recorded on November 20, 2019.
The hotel contains a total of 114,500 square feet of built space.
The average loan per buildable square foot is $393.
The last time the property, the Residence Inn New York Marriott, was sold was July 30, 2014, when Arch purchased it for $89,600,000. The property is controlled through a ground lease with the fee owner, Rao & Rao.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 211 hotel units on April 17, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,423,565.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link