Yucaipa Companies, Sydell Group sign $80M refi loan with Prospect Ridge for NoMad hotel

Yucaipa Companies and Sydell Group through the entity Gh1170 Broadway LLC as borrower signed a refi loan with lender Prospect Ridge through the entity Prred Ned LLC valued at $80 million for two properties including the NoMad New York hotel (HB) at 1170 Broadway in Nomad, Manhattan and six-unit mixed-use building (K4) at 10 West 28th Street in Nomad, Manhattan. Simultaneously with the refinancing, there was a transfer valued at $130 million between two entities affiliated with Yucaipa, with taxes paid implying it was a transfer of more than 50 percent of the interest. The documents did not reveal the buyers other than provide the address at Yucaipa’s offices.
The deal closed on July 23, 2021 and was recorded on August 6, 2021.
The two properties have 122,371 square feet of built space and 37,034 square feet of additional air rights for a total buildable of 159,430 square feet according to PincusCo analysis of city data. The loan price per built square foot is $653 and the price per buildable square foot is $501 per the PincusCo analysis.
The signatory for Yucaipa Companies and Sydell Group was Robert P. Bermingham. The signatory for Prospect Ridge was Adam Brooks.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $54,000.
The loan was reduced from a maximum principal of $105 million in 2016, most recently held by Ellington Management and Ohana Real Estate Investors. A reduced mortgage of $69 million was assigned and a new $11 million loan was added. Robert P. Bermingham is an employee of Yucaipa, while Adam Brooks works at Prospect Ridge.
The owners according to the Department of Housing Preservation and Development includes Andrew Zobler, head officer and Jake Lamstein, officer. The business entity is 1170 Broadway Associates, Llc.

Within a 400-foot radius of 10 West 28th Street, PincusCo identified 16 commercial real estate items of interests occurred over the past 24 months.
Of those 16 items, one was in new building development. It was a new building permit issued on July 14, 2021 for a 24,325-square-foot R-1 building with 52 residential units residential units at 1162 Broadway.
Of those 16 items, five were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.6 million, one permit with a total initial cost of $1.5 million and three initial temporary certificate of occupancy issuances for projects that initially costed $1.6 million. The most recent of these five items was the permit on June 7, 2021 for a 13,984-square-foot A-3 building with N/A residential units at 1 West 29th Street.
Of those 16 items, four were sales above $5 million totaling $1.9 billion. The most recent of the four was Vanbarton Group which bought the 0-square-foot development site (V1) on 11 West 29th Street and eight other properties for $161.0 million from HFZ Capital Group on June 17, 2021.
Of those 16 items, six were loans above $5 million totaling $432.2 million. The most recent of the six was Loloi Rugs which borrowed $30.0 million from Regions Bank secured by the 59,870-square-foot, 29-unit office building (O6) on 258 5th Avenue on May 26, 2021.

Direct link to Acris document. link