Warren Street Hotel LLC borrows $50M from Wells Fargo for hotel construction in Tribeca

Warren Street Hotel LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $50.0 million for 1 parcel, including the tax class licensed parking lot (G6) at 86 Warren Street in Tribeca. The deal closed on November 27, 2019 and was recorded on December 17, 2019.
Paul Taylor of Stonehill Taylor through the entity is developing the site with a hotel
The average loan per buildable square foot is $913.
The property is controlled through a ground lease with the fee owner Solil Management which manages the estate of Sol Goldman.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 55,069 square feet. Those plans include a total of 79 hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link