$26m for Flatiron hotel.The Ackman-Ziff Real Estate Group announced it has arranged $20 million of first mortgage financing and $6 million of mezzanine capital Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is senior only to that of a company's shareholders. on a non-recourse basis for the acquisition and stabilization of a new construction, 124 key, Wyndham Garden in the flatiron district of Manhattan. The borrower is an owner operator of more than 400 hotel rooms in Manhattan and over 4 million square feet of retail nationwide. The borrower contracted to purchase the asset in an off-market transaction over two years ago with a substantial non-refundable deposit. The sale closed on November 4 with no concession and at the originally agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy price, despite the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of the global credit markets. As REW n. 1. A row. reported November 12, Gemini Real Estate Advisors purchased the hotel from the McSam Hotel Group, which paid $6 million in 2005 for the vacant sit on which it built the hotel. |
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