C-III Capital signs $125M acquisition loan with HPS Investments Partners for hotel in Grand Central

C-III Capital Partners through the entity Lexington Hotel Owner LLC as borrower signed a acquisition loan with lender HPS Investments Partners through the entity Hps Investments Partners, LLC valued at $125.0 million for the hotel (H1) at 511 Lexington Avenue in Grand Central, Manhattan.
The deal closed on June 30, 2021 and was recorded on July 9, 2021.
The property has 314,568 square feet of built space and 0 square feet of additional air rights for a total buildable of 175,220 square feet according to PincusCo analysis of city data. The loan price per built square foot is $397 per the PincusCo analysis.
The owner bought the property on 17-Jun-11, for $333.7 million.
The signatory for C-III Capital Partners was Katherine D. Furman.

Within a 400-foot radius of 511 Lexington Avenue, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 16, 2019 for the $4.6 million renovation of 217,500-square-foot R-2 building with 278 residential units at 160 East 48th Street.
Of those nine items, two were sales above $5 million totaling $164.9 million. The most recent of the two was AEW Capital Management which bought the 114,500-square-foot, 211-unit hotel (H3) on 144 East 48th Street for $49.9 million from Stonebridge Companies on June 16, 2021.
Of those nine items, six were loans above $5 million totaling $393.4 million. The most recent of the six was Angelo A. Federico which borrowed $6.5 million from Flushing Bank secured by the 21,400-square-foot, one-unit industrial (M9) on 153 East 48th Street on March 3, 2021.

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