Square Mile Capital Management announced that it has acquired a $25 million B-Note secured by two luxury boutique hotels in New York City – the 343-key Soho Grand located in Manhattan’s Soho neighborhood, and the 201-key Tribeca Grand located in Tribeca.
The properties are owned by affiliates of Hartz Mountain Industries, Inc.
Square Mile vice president Michael Lavipour said, “With this transaction we are making an attractive investment backed by high-quality boutique hotels located in two of Manhattan’s most popular neighborhoods.
“We continue to seek such loan positions through the expanded debt platform that we launched 18 months ago in collaboration with our strategic partner, USAA Real Estate.”
