Walker & Dunlop, Inc., Capital Markets introduced yesterday that it organized a $103 million business mortgage-backed safety (CMBS) mortgage with Citigroup, J.P. Morgan, and Argentic to facilitate the refinancing of Casa Cipriani, a boutique resort, non-public members membership, and occasion house situated at 10 South Road in New York, NY.
The Walker & Dunlop New York Capital Markets staff, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Sean Bastian, served as unique advisors to shoppers Cipriani, Midtown Equities, and Centaur Properties.
Initially referred to as the Battery Maritime Constructing and constructed in 1909 to serve ferries touring to Brooklyn, Casa Cipriani is a one-of-a-kind, extremely seen New York Metropolis landmark that includes irreplaceable historic element. Its unparalleled location, mixture of luxurious occasion, eating, hospitality, and social areas, and iconic structure, have made it a number one New York Metropolis attraction since opening.
The Sponsorship staff accomplished their re-development of the well-known property in 2021, delivering three distinct, upscale ideas – a 47-key luxurious boutique resort, an unique non-public members’ membership, and grand occasion house – to one of many final prime waterfront improvement websites in Manhattan.
“Casa Cipriani is a very irreplaceable asset that has rapidly solidified itself as one of many premier hospitality and occasion locations inside New York Metropolis,” stated Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “The standard of the product delivered by the shoppers, along with the excellent financial efficiency of the property, resulted in a extremely aggressive financing course of regardless of the challenges in at the moment’s capital markets surroundings.”
