CRG closes on $28m loan for midtown hotel.CRG CRG Centre for Research on Globalisation CRG Council for Responsible Genetics CRG Contingency Response Group CRG Citizens for Responsible Government CRG Corporate Renaissance Group CRG Columbia River Gorge CRG Consulting Resource Group CRG Columbia Resource Group Realty Capital announced the closing of a $28 million renovation loan for the Six Columbus Hotel in midtown Manhattan. The financing, provided by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Mortgage Capital, will finance the renovation of the 90-room hotel, slated to open in the winter of 2006. CRG was hired by Thompson Hotels and their partner, Rosen Partners, to secure funds for this project. The modernist Six Columbus Hotel designed by architect Steven Sclaroff, located at 58th Street and adjacent to the Time Warner Center The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City. Its design, by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill, consists of two 229 m (750 ft) towers bridged by a multi-story atrium containing upscale retail , will also house a popular Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize restaurant, owned by the NYC NYC abbr. New York City NYC New York City group that also runs Blue Ribbon Sushi, Blue Ribbon Bakery and Blue Ribbon. Financing for the project was secured from Goldman Sachs Commercial Mortgage Capital's new Transitional Loan Program. The program provides large loans for projects in transition, renovation, lease-up and reconstruction. Goldman Sachs Commercial Mortgage Capital, L.P., a business unit of Goldman Sachs, lends on properties in transition and provides non-recourse, first mortgage financing for stabilized properties. Six Columbus was the first NYC hotel project financed by the Goldman program. According to CRG President Mitchell Adelstein, "Goldman stepped up with an attractive deal that will take this project through completion and beyond. "Goldman understood our business plan and recognized the opportunity to deliver luxury rooms to the Columbus Circle market where inventory has been shrinking." The elimination of thousands of hotel rooms at The Mark, Essex House, Empire, Plaza, Stanhope stan·hope n. A light, open, horse-drawn carriage with one seat and two or four wheels. [After the Reverend Fitzroy Stanhope (1787-1864), British clergyman.] Noun 1. , Mayflower Mayflower, ship Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell, , Barbizon and many others, have left a void in the hotel market, according to CRG executive vice president Jon Bloomberg, who added, "Six Columbus expects to capitalize on its excellent location." According to Bloomberg, The Columbus Circle hotel market has witnessed a 32% average daily rate growth in the past two years while market occupancy has increased from 73% to over 84% today. "Strong tourism demand, fueled by a weak dollar and a diminished supply of hotel rooms in this market encouraged the project's developers to brand Six Columbus as a Thompson Hotel, with Thompson quality finishes and amenities," added Bloomberg. |
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