Strategic Hotels & Resorts cuts debt by 67% to $75M from MetLife for Essex House

Strategic Hotels & Resorts through the entity Shr Essex House, LLC as borrower signed a loan agreement with lender MetLife Real Estate Lending through the entity Metlife Real Estate Lending LLC valued at $75 million for 2 parcels, including the tax class hotel/boatel condominium (RH) at 160 Central Park South and 160 Central Park South in Central Park South. The deal closed on December 29, 2020 and was recorded on January 25, 2021.
The property contains a total of 233,139 square feet of built space.
The average loan per buildable square foot is $234.
The debt was reduced by 67 percent, from $225 million to $75 million. This is the Essex House hotel, which is owned by Strategic Hotels & Resorts. The debt provided by MetLife in 2014 had a maximum principal of $225 million. MetLife assigned the existing principal, totaling $75 million, to the MetLife affiliate.
Over the past five years, there have been 39 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 $1,460,000.0. Those filings sought to increase the number of residential units by 13 to 867 There were 38 renovation/alteration projects (A2) applied for with a total estimated value of $19,956,385.

Direct link to Acris document. link
The signatory for the lender was Michael Hofheinz,

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