Yucaipa, Sydell refi $105M at NoMad Hotel from new lenders Ohana, Ellington

Yucaipa Cos. and Sydell Group through the entity 1170 Broadway Associates, LLC as borrower signed a loan agreement with lenders Ohana Real Estate Investors and Ellington Management Group through the entity EMG Transfer Agent LLC valued at $105 million for 2 parcels, including the tax class retail building with apartments above (K4) at NoMad Hotel at 10 West 28th Street and 1170 Broadway in Nomad. The deal closed on October 19, 2020 and was recorded on December 3, 2020.
The property has 122,371 square feet of built space and available development rights.
The average loan per buildable square foot is $858.
The new lenders Ohana Real Estate Investors and Ellington Management Group were assigned the $104.99 million from Bank of America. The signatory for Ohana was G. Christopher Smith, Ohana CEO. The signatory for the borrower was Robert P. Bermingham. The Wall Street Journal reported on leadership feuding in June 2019 between Yucaipa and Sydell.

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