Arlo NoMad at 11 E. 31st St. in Midtown South
NEW YORK CITY—Arlo NoMad, a 249-room hotel located at 11 E. 31st St. between Fifth and Madison avenues received an $80 million refinancing loan from Square Mile Capital. The borrowers are a joint venture of Simon Baron Development Group, Quadrum Global, KSNY and Eagle Point Hotel Partners. HKS Real Estate Advisors' Ayush Kapahi negotiated the deal.
“Arlo NoMad has been a successful hotel since it opened and is well positioned to meet the considerable demand for efficiently priced rooms in Manhattan's NoMad submarket going forward,” says Square Mile Capital principal Sean Reimer.
He notes the deal was an opportunity to expand their relationship with Simon Baron. In 2018, Square Mile Capital invested $138.5 million in preferred equity in Simon Baron Development Group's ALTA, a 43-story residential building located in the Long Island City, Queens, NY.
“New York City continues to be one of the world's leading destinations for business and leisure travelers,” says Anoop Rustgi of Quadrum Global. “Demand for rooms across the spectrum of pricing and luxury levels has been consistently strong in recent years, and we believe that boutique luxury hotels should be positioned to match or outperform others even if the overall market softens.”
Arlo NoMad is the second Arlo Hotels property to open, since launching in November 2016. The hotels market affordable pricing, efficiency in room design, flexible public spaces and communal atmospheres. Lodging available on Arlo NoMad's website at the filing of this article includes a bunk room (a twin bunkbed for two guests) at $294 per night, and queen-sized rooms for two guests ranging from $300 to $378 per night, excluding fees and taxes.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
