Bahrain royal family’s Premier Group signs $80M refi with First Abu Dhabi Bank for FiDi hotel, down from $94M

The Bahrain royal family’s Premier Group through the entity Inn On Broadway (US) Inc. as borrower signed a refi loan with lender First Abu Dhabi Bank valued at $80 million for the hotel condo at 170 Broadway in the Financial District, Manhattan.
The deal closed on July 28, 2022 and was recorded on August 18, 2022. The prior lender was Aareal Capital which held debt that had an original loan amount of $94.5 million. The property has 132,104 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $605 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 11, 2014, for $151.2 million. The signatory for Premier Group was Roger Blackall. The signatories for First Abu Dhabi Bank were David Young and Ora Helmholz. Premier Group is a family office for the royal family of Bahrain King Hamad bin-Isa Al-Khalifa and members of his family. Roger N. Blackall is director of Hotels and Hospitality Division at Premier Group since 2008. He previously served as Senior Vice President of Asset Management of Kingdom Hotel Investments from 2003.

The property

The 170 Broadway parcel has a total lot size of 132,104 square feet. The city-designated market value for the property in 2022 is $33.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial alteration certificate of occupancy on June 30, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Financial District, the majority, or 75 percent of the 81.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 9th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Financial District is the 5th most active neighborhood among other neighborhoods. It had 7.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 57,188 square feet of the 693,283 square feet. The largest owner is Mack Real Estate Credit Strategies, followed by Frank Savino and then Solil Management.
There is one active new building construction project totaling 75,865 square feet. It is a 198-unit, 75,865-square-foot R-1 building developed by Thomas Wang with plans filed October 5, 2013 and permitted March 2, 2018.

The majority, or 86 percent of the 542,136 square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.

Direct link to Acris document. link