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, which closed today (Wednesday).
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.
The hotel will feature a stand alone “crystal bar” atop the base podium surrounded by an outdoor terrace, a spa, indoor pool and fitness facility, and a bar and restaurant entered at street level. The Baccarat Hotel & Residences will open in 2014, coinciding with the brand’s 250th anniversary.
Law firm Morrison & Foerster LLP served as legal advisor to Bank of America. Leading the Morrison & Foerster team was Mark Edelstein, chair of the firm’s New York real estate finance group, Chris Delson, New York real estate 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 . they will have a private entrance and owners will have complete access to all luxury hotel amenities and services including personal concierge and housekeeping services, 24-hour in-residence dining .
Prices range from $3.5 million to $60 million. Corcoran Sunshine Marketing Group is managing all sales and marketing efforts for Baccarat Residences.