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Citigroup, Redwood Trust Arrange $160M for Gansevoort Park Hotel

NEW YORK CITY-The luxury hotel featured on E!'s "Kourtney and Kim Take New York" has been refinanced, GlobeSt.com has confirmed with commercial mortgage brokerage Deerwood Real Estate Capital, who arranged the financing.

By Jacqueline Hlavenka | Updated on June 11, 2012

NEW YORK CITY-The construction loan for the luxury hotel made famous by E!’s Kourtney & Kim Take New York has been refinanced. Citigroup and Redwood Trust have provided a total of $160 million in financing for the Gansevoort Park Hotel at 420 Park Avenue South, according to Deerwood Real Estate Capital, who arranged the transaction.

Under the deal, Citigroup refinanced the hotel’s first mortgage for $140 million and Redwood refinanced the mezzanine debt for $20 million, GlobeSt.com has confirmed with Englewood Cliffs, NJ-based Deerwood using Real Capital Analytics data. The 10-year, fixed-rate loan, comprised of senior and mezz debt, will be used toward construction costs.

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