CUR Capital LLC, the lending arm of New York City based City Urban Realty, through an affiliate entity, has
provided a $30 million loan collateralized by The Roger Smith Hotel in Midtown Manhattan.
The 17-story 93,000 s/f hotel, located at 501 Lexington Avenue at the corner of East 47th Street, contains 134 guest rooms, ground floor retail and event space.
The borrowers required capital to pay off a maturing loan, cover closing costs associated with the transaction and provide fresh capital to continue to execute their business plan repositioning the asset into a world-class destination for their guests.
City Urban Realty, headed by Michael Alvandi, is a privately held real estate investment company dedicated to commercial real estate equity and debt opportunities through its lending division CUR Capital LLC.