Capstone Equities signs $20.1M refi with Live Oak Bank for hotel in Grand Central

Capstone Equities and Republic Investment Company through the entity RC Renwick LLC as borrower signed a refi loan with lender Live Oak Bank through the entity Live Oak Banking Company valued at $20.1 million for the Renwick Hotel building (H2) at 118 East 40th Street in Grand Central, Manhattan.
The deal closed on November 18, 2025 and was recorded on November 24, 2025. The prior lender was Maxim Capital Group which held debt that had an original loan amount of $16.2 million. The property has 74,640 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $268 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 signatory for Capstone Equities was Justin Adelipour . The signatory for Live Oak Bank was Jamie Bourgeois .

Capstone Equities acquired control of the building after buying the defaulted debt in January 2022, and in 2022 reopened the Renwick Hotel, the Commercial Observer reported at the time.

The property

The hotel building in Grand Central has 74,640 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 98 feet deep with a total lot size of 5,925 square feet. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $22.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,850 in OATH penalties in the last year.

The neighborhood

In Grand Central, The majority, or 83 percent of the 44.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has the 6th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Grand Central is the 7th most active neighborhood among other neighborhoods. It had 9.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 35 commercial properties representing 1,389,189 square feet of the 1,544,916 square feet. The largest owner is Global Holdings Management Group, followed by L&L Holding Company and then BD Hotels.
On the tax block, there were two new building construction projects totaling 42,209 square feet. The largest is a 16-unit, 21,903 square-foot residential (R-2) building submitted by Adam Gordon with plans filed January 30, 2020 and it has not been permitted yet. The second largest is a 40-unit, 20,306 square-foot hotel/dormitory/shelter (R-1) building submitted by Terence Cheng with plans filed October 10, 2017 and it has not been permitted yet.

The majority, or 76 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 16 percent of the space.

Set featured imageThe borrower

The PincusCo database currently indicates that Capstone Equities owned at least eight commercial properties in New York City with 1,124,666 square feet and a city-determined market value of $184 million. (Market value is typically about 50% of actual value.) The portfolio has $218.2 million in debt, with top three lenders as Corebridge Financial, Argentic Investment Management, and Aareal Capital respectively. Within the portfolio, the bulk, or 64 percent of the 1,124,666 square feet of built space are office properties, with hotel properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Brooklyn, with Manhattan next at 36 percent of the space.

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