US financial service company Walker & Dunlop has announced the completion of a $155m refinancing deal for The Lexington Hotel, a historic landmark in the heart of Midtown Manhattan, New York.
Acting as exclusive advisor to Lexington Hotel Owner, a joint venture between MCR, Island Capital Group and Three Wall Capital, Walker & Dunlop secured the financing through lender Hudson Bay Capital.
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The team secured a bridge facility deal to refinance the Lexington Hotel’s existing debt.
The 94-year-old hotel joined the Marriott Autograph Collection in 2013 and was acquired by MCR in 2021.
The 28-storey hotel at the corner of Lexington Avenue and 48th Street has 725 keys, including six speciality suites. One is the Norma Jeane Suite, where Marilyn Monroe lived in the early 1950s with her then-husband, Joe DiMaggio.
The Stayton Room bar and restaurant and 3,000ft² of meeting space will cater to business and leisure travellers. The hotel also features on-property retail amenities such as Crunch Fitness and Starbucks.
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By GlobalDataThe companies behind the hotel seek to capitalise on its proximity to major office developments and transportation hubs in Midtown East.
Walker & Dunlop managing director Jordan Casella commented: “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and business destination.”
