Emmut Properties Secures $84M Loan For Hotel Excelsior Conversion On Upper West Side

The Hotel Excelsior, located at 45 W. 81 Street in the Upper West Side neighborhood, has been involved in a recent transaction. The hotel spans a total area of 133,000 square feet and comprises 126 keys.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $84,000,000
• Market: Upper West Side
• Loan Type: Acquisition

Benefit Street Partners provided the loan for this transaction. The loan amount was $84,000,000 and was split between a $74 million senior bridge loan and a $10 million mezzanine loan. Both loans have an initial 18-month term, with the option to extend for three additional single-year terms. The senior note also included $9 million in future-funding commitments to assist with the conversion of the Excelsior to a multifamily property.

The landlord involved in this deal is Emmut Properties. The brokers representing this transaction were Chinmay Bhatt, Noam Franklin, and Cody Kirkpatrick from Berkadia JV Equity & Structured Capital. These brokers have had a successful year in 2021, capitalizing on more than $2 billion in property transactions nationwide. Their expertise spans various property types, including market rate multifamily acquisitions, ground-up multifamily projects, single-family-rental/build-to-rent communities, hotel-to-multifamily conversions, student housing assets, and property recapitalizations.