Mission Capital Advisors announced that it has arranged $80 million of bridge financing for the recently completed Sister City hotel, a 200-key hospitality property located at 225 Bowery.
The Mission Capital team of Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny arranged the first-mortgage financing from Bank Hapoalim on behalf of a partnership between Omnia and Northwind Group.
After purchasing the property, Omnia, a development, design, and building firm, and Northwind, a Manhattan-based real estate private equity firm, commenced a major construction campaign, adding three floors and transforming the century-old building into an amenity-laden, food-and-beverage-centric hotel.
The first Sister City property created by Ace Hotels, the 14-story building will feature a 234-seat café restaurant, a 150-seat rooftop bar with sweeping views of Manhattan, and a ground-floor garden.
“We see that the Bowery is really becoming a prominent nightlife destination,” said Northwind managing partner Ran Eliasaf. “It has truly become the bridge between the Lower East Side and Nolita in Manhattan.”
The Sister City brand is a new concept from Ace Hotels.
Omnia and Northwind previously worked together on a number of successful projects, including a luxury rental building at 351 West 54th Street in Hell’s Kitchen, which they sold to Bentley Zhao in 2017 for $34 million.
Mission Capital arranges $80M bridge finance for Bowery hotel
