"Trump Soho is located in a world-renowned area where unit owners and guests will enjoy some of the best urban amenities that New York has to offer," says John Lustgarten, VP of LEI, who represented the fund. "The project is backed by a strong team that is capitalizing upon the wide international appeal of New York and the Trump brand."
The 43-story Trump Soho, located at 246 Spring St., is currently under construction, with completion expected in early 2009. The contemporary, luxury project will feature an outdoor sundeck and pool, spa, elegant lobby bar and restaurant, as well as approximately 12,000-sf of meeting space. Trump Soho engaged Handel Architects to create the tower design and the Rockwell Group to create a signature look for the interior.
"This project demonstrates the attributes that we seek when providing mezzanine financing to hotel and resort projects. It is well located in one of the top destinations for business and leisure travelers, and the sponsor consists of development professionals with deep, local market knowledge," notes Philip Peters, EVP of LEI and portfolio manager for the fund.
Through its affiliates, LEI has previously bought or originated more than $500 million of structured debt investments, primarily on hospitality properties. LEI was represented by Steckbauer Weinhart Jaffe LLP, in the transaction. Lowe Resort Finance Investment Partners offers mezzanine debt and preferred equity financing for resort and hotel properties throughout the US and Canada.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
