London-based Queensgate Investments borrows $147M from Column Financial for Freehand New York

London-bsaed Queensgate Investments through the entity 23 Lexington Tenant LLC as borrower signed a loan agreement with lender Column Financial, a division of Credit Suisse, through the entity 23 Lexington Associates LLC valued at $147.2 million for the Freehand New York hotel at 23 Lexington Avenue in Flatiron. The deal closed on October 11, 2019 and was recorded on October 22, 2019.
The hotel has 417 units.
Queensgate took over the $62 million in existing debt, which was assigned to Column Financial, and took an additional $85 million in new debt. The fee property is owned by Lloyd Goldman’s BLDG Management and controlled by Queensgate through a 99-year leasehold it purchased this month for $173.9 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 417 hotel units on June 5, 2018.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,310,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $8,954,257.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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