The owners of Midtown Manhattan’s Lexington Hotel secured a $155 million refinancing deal from Hudson Bay Capital using Walker & Dunlop to arrange the transaction.
The owners are a joint venture between MCR, Island Capital Group and Three Wall Capital.
Initially completed in 1929, The Lexington Hotel has undergone extensive renovations and conversions over the years, culminating in its transformation into a Marriott Autograph Collection hotel in 2013. The hotel was acquired by the sponsors in 2021.
The Walker & Dunlop New York Capital Markets team, led by Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Christopher de Raet, arranged the transaction. The team secured a bridge facility to refinance The Lexington Hotel's existing debt.
The 28-story hotel, located at the corner of Lexington Avenue and 48th Street, has 725 keys, including six specialty suites, such as the Norma Jeane Suite, where Marilyn Monroe lived with then-husband Joe DiMaggio. Various amenities range from The Stayton Room bar and restaurant to 3,000 square feet of meeting space.