Ackman-Ziff arranges construction loan for Henry Hudson Hotel.The Ackman-Ziff Real Estate Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control recently arranged an $80 million construction loan and a $30 million mezzanine construction loan for Ian Schrager Hotels LLC, an entity owned by NorthStar Capital Investment Corp. and Ian Schrager. Proceeds of the loan will be used to renovate the existing 26-story, 463,000 square-foot property to a hotel and to pay off a $26.5 million acquisition loan arranged by Ackman-Ziff earlier this year. The Henry Hudson Hotel will stand in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's elite entertainment and shopping districts. The property is a through-block building with frontage on both West 57th and West 58th streets between 8th and 9th avenues on Manhattan's West Side, adjacent to Columbus Centre, a $1.3 billion, 2.5 million square-foot planned mixed-use re-development project. Ackman-Ziff secured CORUS Bank, N.A., a Chicago-based bank, as the lead lender and assisted in securing two of the four participants for the $80 million construction loan. The fire also secured an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. to provide the $30 million mezzanine loan. "Any large hotel construction financing is difficult to obtain in this market. It was a combination of NorthStar's investment savvy, Ian Schrager's track record and the economics of the transaction which enabled six separate lenders to commit to this project", said Simon Ziff, president of The Ackman-Ziff Real Estate Group. The building was originally erected in 1929 as the American Woman's Association Clubhouse. In 1941 it was converted into a hotel, and then later partially converted into television studios and headquarters offices for WNET Wnet Windows Networking WNET Women's Network for Entrepreneurial Training WNET Wireless Network Channel 13, while the balance of the building functioned as a single room occupancy The expression "single room occupancy" or, more commonly "SRO", refers to a building that houses people in single rooms. This means that tenants must share bathrooms and kitchens. hotel with ground floor retail stores. Phillipe Starck, the world-renowned French designer who has assisted Ian Schrager in some of his other hotels, including Morgans, Paramount and Royalton in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; Delano in Miami Beach; Mondrian in Los Angeles and most recently, St Martins Lane in London, will create the new look for the Henry Hudson Hotel. The renovation plan consists of 850 guest rooms, a conference and banquet facility, business center, public areas featuring several restaurants and lounges, an outdoor garden terrace and a 45,000 square foot state-of-the-art24-hourhealthclub/spa. The general contractor is Lehrer McGovern Bovis, and completion is slated for the third quarter of 2000. |
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