GEM Hotel developer reloads, raises $33M in refinancing

March 11, 2014

Source: The Real Deal

Icon Realty Management has secured $33 million in financing for Chelsea’s GEM Hotel, replacing an initial $22 million mortgage closed in January of 2012. The first mortgage and mezzanine financing, arranged by Mission Capital Advisors and provided by Ladder Capital, was split between a CMBS loan with a 30-year amortization and an interest-only mezzanine facility,

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