Stillwater buys $14.8M note secured by Pineapple hotel in Hudson Yards

Stillwater Asset Management through LBC2 Trust bought a note from US Bank with an original principal of $14.8 million secured by Pineapple Hospitality Company’s hotel in Hudson Yards.
The asset is a hotel (H3) at 337 West 36th Street in Hudson Yards. The deal closed on March 11, 2021 and was recorded on March 25, 2021.
The property contains a total of 39,291 square feet of built space.

Stillwater Asset Management is general partner of Liftbridge Commercial Offshore Fund 2, Ltd., which is an affiliate of the entity that bought the loan. Stillwater is based in Minnesota and headed by Lena Motz.  Pineapple bought the leasehold in 2018 with the transaction valued at $22.15 million. The fee is owned by an affiliate of Sam Chang’s McSam Hotel Group.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $144,000.

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