Michael Namer, CEO and founder of Alfa Development, announced the completed refinancing of the HGU New York Hotel at 34 East 32nd Street.
The new $21 million long-term loan was secured from Metropolitan Commercial Bank (NYSE: MCB), which previously led the purchase and construction financing of the property.
HGU New York Hotel is a 90-room wellness-focused boutique hotel combining the history of its original 1905 Beaux-Arts building with the contemporary finishes of a New York City design hotel.
Opened in 2016 and located in the NoMad neighborhood, HGU New York Hotel includes the Rose Hill restaurant, bar, lounge, and seasonal rooftop designed by hospitality architect and designer Peter Guzy principal of Asfour Guzy. Works from Namer’s own art collection adorn public spaces.
According to Namer, “We’ve been fortunate to have Metropolitan Commercial Bank as our lending partner since the inception of the HGU project, and together we will continue to provide a top hospitality experience in one of the most competitive markets.”
“Since opening, HGU New York Hotel has become an integral part of the fabric of the NoMad neighborhood, and we look forward to cementing its status in the New York hospitality scene,” said Jake Namer, Principal & Executive Vice President of Alfa Development.
Mark DeFazio, president and CEO of Metropolitan Commercial Bank, said, “The progression of this high-end hospitality project exemplifies Metropolitan’s culture as a relationship-driven bank. Since its inception in 1999, the Bank has worked with HGU’s developers, Alfa Development/Management, and I have been privileged to work with the Namer family for over 30 years.
“We are now working closely with the third generation of this leader in New York commercial real estate, and we look forward to many more years of doing deals together.”
HGU New York Hotel is Alfa Development’s first hotel project in New York City. Currently, Alfa Development is developing 200 East 21st Street, a 67-residence luxury condominium that is the latest addition to The Green Collection, the company’s collection of sustainable residential properties, all targeting LEED-Gold certification.