citizenM, Brack Capital refi two hotels with $148.3M from JPMorgan Chase

The Dutch hotel operator citizenM and developer Brack Capital Real Estate signed two hotel loans for a total of $148.3 million with JPMorgan Chase which paid off land and construction loans of the same amount originally provided by HSBC.

In the larger deal, citizenM and Brack Capital Real Estate through the entity Osib-Bcre Bowery Street Holdings LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $82.5 million for the Bowery Hotel (H2) at 189 Bowery in the Lower East Side, Manhattan.
The deal closed on July 23, 2021 and was recorded on August 4, 2021.

The property has 79,408 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,038 per the PincusCo analysis.
Brack bought the development site on July 16, 2010, for $24.1 million.
The loan signatory for citizenM hotels and Brack Capital Real Estate was Stefania Salles Bruins. The signatory for JPMorgan Chase was Simon B. Burce.
(121324646)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 300 hotel units on August 31, 2018. (121324646) Plans for a 300-unit, 79,408 square-foot hotel R-1 were filed on December 19, 2012 and were permitted on May 20, 2015.
This loan refinances $82.5 million in construction loans HSBC provided in 2015 and 2018.

Within a 400-foot radius of 189 Bowery, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was in new building development. It was a new building permit issued on March 30, 2020 for a 58,161-square-foot R-2 building with 78 residential units residential units at 167 Chrystie Street.
Of those 10 items, three were sales above $5 million totaling $70.1 million. The most recent of the three was Adam J Semler which bought the 11,850-square-foot, 21-unit rental (C7) on 196 Elizabeth Street for $8.9 million from David Moore on April 29, 2021.
Of those 10 items, six were loans above $5 million totaling $104.9 million. The most recent of the six was Nathan Halegua which borrowed $7.0 million from Signature Bank secured by one condo unit in the 19,121-square-foot, 64-unit mixed-use building (RM) on 199 Bowery on February 18, 2021.

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In the second deal, citizenM and Brack Capital Real Estate through the entity Osib 50th Street Operator LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $65.8 million for the New York Times Square Hotel (H3) at 218 West 50th Street in Midtown West, Manhattan.

The deal closed on July 23, 2021 and was recorded on August 4, 2021.
The property has 84,577 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $777 per the PincusCo analysis.
The signatory for citizenM hotels and Brack Capital Real Estate was Frank Sangers. The signatory for JPMorgan Chase was Simon B. Burce.
(120597862)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 230 hotel units on March 13, 2014. (120597862) Plans for a 230-unit, 70,699 square-foot R-1 were filed on February 3, 2011 and were permitted on March 22, 2012.
This is the citizenM New York Times Square Hotel.
Within a 400-foot radius of 218 West 50th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 3, 2019 for the $1.6 million renovation of 25,970-square-foot office B building with no residential units at 1605 Broadway.
Of those four items, three were loans above $5 million totaling $1.5 billion. The most recent of the three was Vornado Realty Trust which borrowed $195.0 million from Argent Ventures secured by the 843,131-square-foot, 10-unit hotel (H1) on 1601 Broadway on January 14, 2021.

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