Claremont Companies ups debt to $56.5M with City National for hotel in Hudson Square

Claremont Companies through the entity Soho Hotel LLC as borrower signed a refi loan with lender City National Bank through the entity City National Bank valued at $56.5 million for the Courtyard by Marriott New York Manhattan/SoHo hotel building (H2) at 181 Varick Street in Hudson Square, Manhattan.
The deal closed on May 22, 2026 and was recorded on June 2, 2026. The prior lender was Thrivent which held debt that had an original loan amount of $35 million. The property has 52,155 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,083 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 October 30, 2019, for $59.4 million. The signatory for Claremont Companies was company president, Ned Carney . The signatory for City National Bank was Luke Millikin .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Patrick Carney, head officer. The business entities are The Claremont Company, Inc. and Soho Hotel LLC. The 52,155-square-foot property generated revenue of $13.9 million or $266 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Hudson Square has 52,155 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 101 feet deep with a total lot size of 4,375 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $22.2 million. City National Bank on May 22, 2026 bought a loan with an original principal of $35 million from Thrivent signed by Mark McMurtrie , secured by 181 Varick Street, when owned by Claremont Companies .

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 $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $185.6 million in sales volume in the last two years. For development, Hudson Square has 1.6 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 736,277 square feet of the 1,047,124 square feet. The largest owner is Tishman Speyer and then Avdoo.
On the tax block, there was one new building construction project filed totaling 183,395 square feet. It is a 165-unit, 183,395 square-foot residential (R-2) building submitted by Toll Brothers and filed by Joseph Clark with plans filed March 28, 2017 and permitted March 21, 2018.

The majority, or 53 percent of the 1 million square feet of built space are office buildings, with elevator buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Claremont Companies owned at least one commercial property in New York City with 52,155 square feet and a PincusCo-determined asset value of $75.1 million. The portfolio has $35 million in debt, borrowed from Thrivent Financial For Lutherans. The portfolio consists of at least a single hotel property.

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