Metropolitan Sutton Associates Secures $48M Refinancing Loan For AKA Sutton Place Hotel

AKA Sutton Place, a 76-unit hotel building located at 330 East 56th Street in Sutton Place, Manhattan, has secured a $48 million refinancing loan from MF1 Capital. The loan was closed on April 25, 2023, and recorded on May 3, 2023. The prior lender, Webster Bank, held debt with an original loan amount of $50 million. With 186,000 square feet of built space, AKA Sutton Place offers a prime investment opportunity in the Sutton Place market.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $48,000,000
• Address: 330 East 56th Street
• Market: Sutton Place, Manhattan
• Keys: 76
• SF: 186,000

The lender, MF1 Capital, led by Jonathan Pfeil, provided the refinancing loan for AKA Sutton Place. The property's owner, Korman Communities, secured the loan through its entity Metropolitan Sutton Associates. This transaction showcases the collaboration between the borrower and lender in successfully refinancing the property and signifies the confidence in the potential of AKA Sutton Place as a premier hotel in Sutton Place, Manhattan.