On behalf of an undisclosed seller, JLL announced the firm has closed the sale of the $60 million performing mezzanine loan, secured by The Mark Hotel and 1000 Madison Avenue, an 8,126-square-foot townhouse located in Manhattan’s Upper East Side. RFR, a major owner and developer in New York, purchased the loan.
Managing Director Dustin Stolly, International Director Jeffrey Davis and Senior Vice President Brett Rosenberg led the JLL team on the transaction.
“This sale was a very strong piece of paper, with best-in-class collateral that included a luxury hotel, ground-floor Madison Avenue retail and a valuable townhouse,” said Stolly.
Added Davis, “The investor was presented with the opportunity to purchase a portion of the debt capital stack with significant duration, which is difficult to replicate in today’s market.”
“It was obvious to us that the sum of the parts which included the hotel, retail, remaining co-op units and townhouse, equated to an extremely valuable asset. We view this acquisition as a way to secure significant yield in an increasingly competitive market,” stated Mark Weiss, Head of Capital Markets at RFR.
The Jacques Grange-designed hotel includes 150 rooms.
The hotel features a Jean Georges restaurant and bar and Frédéric Fekkai hair salon.
