Cipriani, Midtown Equities, and Centaur Properties secured a $103 million CMBS to refinance the boutique hotel Casa Cipriani located at 10 South Street in New York. Walker & Dunlop Capital Markets arranged the loan with Citigroup, J.P. Morgan, and Argentic. The W&D team included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Sean Bastian.
The hotel was originally known as the Battery Maritime Building and constructed in 1909 to serve ferries traveling to Brooklyn. The sponsorship team redeveloped the property in 2021, delivering a 47-key luxury boutique hotel, an exclusive private members' club, and grand event space to one of the last prime waterfront development sites in Manhattan.
Appel said the financing process was highly competitive.
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