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 & mezzanine financing were arranged by Mission Capital.
N EWYORK R EALESTATE N EWS
GEM Hotel developer reloads,
raises $33M In refinancing
Icon Realty Mana.g mcnt bas 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 mC"f.zaninc financing, arrauged hy Mi. sion Cs.pi tal Advsi ors llnd pro,idcd by Ladder Capital, wassplitbetween a.CMBS loon witha so year amortization and an interest-only
mezzanine facility, a source familiar with the nL-gotiations told the New York Obsen-er. Mi ion capital's Jordan Ray,Jason Cohen and Ari Hirtled the negotiationson the new debt.The81-key boutique hotel at SOO West 22nd Street opened in 2008 foTiowinga gut renovation.(Thedeal was Rnnouneed af:Wr the deadlineforthe Dc.al Sh cct.) TRD