GFI Development, GB Lodging & Elliott Management, Through a JV, to Redevelop NYC's The Beekman
May 27, 2014 7:07am
NEW YORK (May 27, 2014) - GFI Development Company and GB Lodging, affiliates of GFI Capital Resources Group, in a joint venture with Elliott Management Corporation, announce they have secured $350 million of financing for The Beekman, the historic landmark building located at 5 Beekman Street in Lower Manhattan that will be conjoined with a new 46-story condominium tower. This financing will be used to convert the 165,000-square-foot building into a luxury lifestyle hotel operated by Thompson Hotels, The Beekman Hotel, as well as to complete the construction of the adjacent condominium tower, The Beekman Residences. The financing consists of debt and equity, including a $195 million construction loan made by a syndicate led by HSBC and M&T Bank.
In 2012, a GFI Capital affiliate purchased 5 Beekman Street, a ten-story historic landmark that was built in 1883, one of the first high-rise buildings in New York, as well as the adjacent lot at 115 Nassau Street, where the residential tower will reside. In 2013, GFI Development Company and GB Lodging commenced the redevelopment of 5 Beekman into a hotel, as well as the ground-up construction of the tower. When complete, the mixed-use development is anticipated to consist of 287 hotel rooms and 68 residences.
"The Beekman is one of the most exciting developments in New York City and will be a cornerstone of Lower Manhattan's new downtown," stated Allen Gross, CEO of GFI Development Company and Co-Founder of GB Lodging.
"We are privileged to restore the grandeur of 5 Beekman Street to become one of the great, iconic hotels in New York City," said Bruce Blum, President and Co-Founder of GB Lodging.
The project is anticipated to total approximately 340,000 square feet, and will continue to redefine Lower Manhattan in the neighborhood surrounding the World Trade Center, South Street Seaport, City Hall Park and the Brooklyn Bridge. Sales for The Beekman Residences are expected to commence in the fall of 2014.
Tim Mackey, Portfolio Manager at Elliott Management, stated "Elliott is pleased to be part of the revitalization of this historically prominent section of New York City. GFI Development and GB Lodging are each staffed with top-notch and dedicated professionals committed to the successful renovation, development and integration of the project into the fabric of Lower Manhattan."
The hotel is scheduled for completion in Q3 2015, followed by the completion of the residential tower.
Tags: gfi development,
Contact: Laura Ledesma, Nadine Johnson & Associates, Inc.
212 228 5555
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