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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. 

About GFI Development Company, LLC

GFI Development Company is a New York-based real estate developer that focuses on opportunistic projects in major metropolitan areas. Led by a team with over 60 years of combined experience, GFI Development Company has earned the reputation for expertise, innovation, collaboration and outperformance. Since 2007, GFI Development Company has successfully developed over $1 billion of residential, office, retail and hospitality real estate. Some notable projects include The Ace Hotel New York, The NoMad Hotel and 470 Vanderbilt in Brooklyn. Currently, GFI Development Company is developing approximately $750 million of residential, hospitality and commercial projects.  The company's success is directly tied to its ability to identify unique project opportunities, envision a new future for the property, and execute the development from start to finish. 

Contact: Laura Ledesma, Nadine Johnson & Associates, Inc. / 212 228 5555

About GB Lodging, LLC

GB Lodging, LLC is a hotel investment, development and asset management firm focused on the lifestyle segment of the hospitality industry.  The firm was co-founded by real estate/finance industry entrepreneur Allen Gross, Founder & President of GFI Capital Resources Group, parent company to GFI Development, and Bruce Blum, a 30 year hotel industry veteran. GB Lodging's seasoned executive team has completed $4+ billion of hotel transactions and has 100+ years of principal and executive level experience throughout several hotel industry cycles.

About Elliott Management Corporation

Elliott was founded in 1977 and now has more than $24 billion in assets under management, with headquarters in New York and affiliated offices in London, Hong Kong and Tokyo.  Continuously managed by Paul Singer since its inception, the firm has a proven track record of stability; Jon Pollock, co-CIO of Elliott, has a 24-year career at the firm.  Elliott has earned a compounded annual return of approximately 14% since inception, and has registered a calendar year loss only twice in 36 years of existence.  Since 2009, Elliott has invested more than $3 billion in commercial real estate positions spread across the United States, Europe and Asia, in addition to significant investments in CMBS and other CRE-related securities.

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