Walker & Dunlop, Inc., Capital Markets has arranged a $103 million commercial mortgage-backed security loan with Citigroup, J.P. Morgan and Argentic to facilitate the refinancing of Casa Cipriani, a boutique hotel, private members club and event space in New York City.
The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian, served as exclusive advisors to clients Cipriani, Midtown Equities and Centaur Properties.
The Sponsorship team completed their redevelopment of the property in 2021, delivering three distinct concepts: a 47-key boutique hotel, an exclusive private members' club and grand event space—to one of the last prime waterfront development sites in Manhattan.
Casa Cipriani was originally known as the Battery Maritime Building and was constructed in 1909 to serve ferries traveling to Brooklyn.
"Casa Cipriani is a truly irreplaceable asset that has quickly solidified itself as one of the premier hospitality and event destinations within New York City," Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop, said in a statement. “The quality of the product delivered by the clients, in addition to the outstanding economic performance of the property, resulted in a highly competitive financing process despite the challenges in today's capital markets environment."