Copford Capital signs $25.5M refi with John Hancock for fee under hotel in Garment District

Copford Capital Management, an affiliate of Stonebridge Companies, through the entity SBCO-NYC Owner, LLC as borrower signed a refi loan with lender John Hancock Life Insurance Company through the entity John Hancock Life Insurance Company (U.S.A.) valued at $25.5 million for the fee under the Courtyard by Marriott New York Manhattan/Times Square West hotel building (H3) at 307-311 West 37th Street in the Garment District, Manhattan.
The deal closed on March 31, 2026 and was recorded on April 17, 2026. The prior lender was Nationwide Life Insurance Company which held debt that had an original loan amount of $25 million. The property has 102,824 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $247 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 April 13, 2020, for $51.9 million. The signatory for Copford Capital Management was Navin C. Dimond . The signatory for John Hancock Life Insurance Company was Thomas J. Treacy . Copford Capital Management is a family office for Navid Dimond. He is the founder of Stonebridge Companies.

Barings owns the leasehold, which it acquired in 2022.

Prior sales, articles and revenue

The 102,824-square-foot property generated revenue of $20.3 million or $197 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Garment District has 102,824 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 98 feet deep with a total lot size of 7,357 square feet. The city-designated market value for the property in 2022 is $37 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 one DOB violation, $5,000 in ECB penalties, and $5,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 14, 2013. 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 Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Garment District is the 6th most active neighborhood among other neighborhoods. It had 11.5 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. There were 63 pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 21 commercial properties representing 991,366 square feet of the 1,698,259 square feet. The largest owner is Glenwood Management, followed by Barings and then Elk Investors.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 1.7 million square feet of built space are elevator buildings, with office buildings next occupying 31 percent of the space.

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