Bank of America has closed a $235 million construction loan for the Baccarat Hotel & Residences, the 50-story luxury building being constructed on West 53rd Street in Manhattan by Starwood Capital.
Bank of America is acting as administrative agent and lead lender of a syndicate of banks providing the loan.
Baccarat Hotel & Residences New York is located on 53rd Street just off Fifth Avenue directly across from the Museum of Modern Art and its sculpture garden.
The glass tower — which opened for sales earlier this month — will feature 114 guest rooms including 26 suites, as well as 61 private residences ranging from one- to four-bedrooms, including four full-floor units and a five-bedroom penthouse duplex with an outdoor terrace. It will open in 2014.
Law firm Morrison & Foerster LLP served as legal advisor to Bank of America. Leading the legal team was Mark Edelstein, chair of the real estate finance group, Chris Delson, partner, and associate Diana Quarry.
“Starwood Capital’s Baccarat-branded hotel and condo tower will undoubtedly be a success. This transaction shows that there is financing available for the right projects, especially in the major markets like New York,” said Edelstein.
Bank of America is a long-time Morrison & Foerster client. The firm also recently represented Bank of America in its financing for the joint venture purchase by Morgan Properties and Dune Real Estate Partners of a Maryland multifamily apartment complex.
Morrison & Foerster also recently represented the owner in the sale of the Essex House Hotel; the lenders on One57, Extell Development Company’s project across from Carnegie Hall; and the lenders to an entity controlled by the Rudin family for the acquisition and development of the former St. Vincent’s Hospital site in Greenwich Village.
Designed by Skidmore Owings & Merrill, the Baccarat condo residences were designed by Tony Ingrao. Prices range from $3.5 million to $60 million. Corcoran Sunshine is managing all sales and marketing efforts for Baccarat Residences.