Bridgeton Holdings has sealed a $60 million debt package to refinance its boutique hotel in Manhattan’s Tribeca neighborhood, Commercial Observer has learned. Riyad Bank supplied the loan on Walker Hotel Tribeca, which opened in 2020 following its conversion from office use. Newmark arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly, Nick Commercial Observer Read More Channel, Finance, Refinance, Atit Jariwala, Chris Kramer, Dustin Stolly, Jordan Roeschlaub, Nick Scribani, New York, New York City, Manhattan, Lower Manhattan, Tribeca, Bridgeton Holdings, Newmark, Riyad Bank
Located at 77 Walker Street, the 171-key Walker Hotel Tribeca was previously an office building that was built in 1899. The hotel is Bridgeton’s second Walker-branded hotel in Manhattan following the opening of its Walker Hotel Greenwich Village in 2013.
Bridgeton had secured a $57 million construction loan in late 2018 from BofI Federal — now Axos Bank — to convert the landmarked office building at the corner of Walker Street and Broadway into a hotel in a deal also sourced by Newmark, The Real Deal reported at the time. Manhattan-based Bridgeton, which is led by CEO Atit Jariwala, acquired the 10-story building for $42 million from Isaac Chetrit in 2013, according to TRD.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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