Arbor provides $132m on Garment District condo and hotel

The financing replaces $70.1 million in existing debt that Arbor provided the group of borrowers in March 2014, and includes an additional $61.5 million mortgage.

Arbor Commercial Mortgage has provided a $131.6 million financing package on the Cassa Hotel and Residencies building in the Garment District of Manhattan.

Cassa Hotel and Residencies, Garment District, Manhattan
Cassa Hotel and Residencies, Garment District, Manhattan

The lender provided the financing to Assa Properties, Read Properties and Chetrit Group, who share common interest in the hotel and residential condo property at 511-515 Ninth Avenue, city records show. The financing replaces $70.1 million in existing debt that Arbor provided the group of borrowers in March 2014, and includes an additional $61.5 million mortgage.

Records also show that Assa Properties sold 20 percent of its tenancy-in-common interest on the property to Read Properties and sold 30 percent of its interest to Chetrit Group.

The 12-story, 99-room hotel and 100-unit residential condo building (including six for commercial use) between West 38th and West 39th Streets was completed in 2014. Assa Properties purchased the existing building and property for $36.25 million from B&L Management in June 2006, while the remaining owners purchased common interests in the property in March 2014, public records show. The previous building on property was the Supreme Macaroni Company building, according to CityRealty.

Arbor Commercial Mortgage is a national direct commercial real estate lender specializing in multifamily, seniors housing, and healthcare real estate assets, as well as a CMBS, bridge, mezzanine and preferred equity, with a current servicing portfolio of more than $12 billion, according to a company statement.

The lender declined to comment on the deal, while the borrowers did not respond to requests for comment.

 

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