Casa Cipriani’s owners can kick back and enjoy a Bellini after scoring a $100 million refinancing of the Lower Manhattan property.
The ownership trio of Midtown Equities, Centaur Properties and Cipriani S.A. landed the refinancing from Acore Capital, the Commercial Observer reported. The refinancing came in the form of a three-year bridge loan, including two one-year extension options.
A Walker & Dunlop team including Jonathan Schwartz and Aaron Appel arranged the debt.
The refinancing is a notch in the belt for the owners of the waterfront hotel, who struggled to get the project off the ground. In 2007, a team led by Dermot Company was tapped to convert the structure at 10 South Street, colloquially known as the Battery Maritime Building. When it failed to get construction financing, however, a venture between Centaur and Cipriani stepped in to start the job in 2017.
That same year, the project was tied up in litigation after about 150 Chinese nationals sued New York City Regional Center for allegedly misleading them. The investors collectively put $77 million in EB-5 funds into the project.
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The Cayre family’s Midtown Equities joined the project in 2018 as an investor and development partner, reportedly planning to take a 30 percent stake in the project. Midtown was set to split ownership equally with Centaur and Cipriani.
Casa Cipriani opened its doors late last year, serving as both a luxury hotel and a members club. The property includes a private club, a restaurant and a 15,000-square-foot spa. There are 47 hotel rooms and suites, along with private balconies with views of the Brooklyn Bridge and the Statue of Liberty.
Acore Capital provided the construction financing in 2019, essentially refinancing itself with the latest transaction.
Elsewhere, Acore recently provided an $80 million senior loan as part of $120.9 million in construction financing for a beleaguered multifamily project in New Haven, being developed by the Ironburgh Organization, an affiliate of Hudson Meridian Construction Group.
[CO] — Holden Walter-Warner