Cronheim Hotel Capital has secured a $40 million permanent loan on behalf of the Lam Group to refinance the existing debt and capitalize a modernization refresh on the 158-room Chelsean New York Hotel.
The hotel is in New York City's Chelsea neighborhood and attracts a "steady stream" of visitors drawn to its galleries, restaurants and attractions such as the Empire State Build, Madison Square Garden and the Meatpacking District.
Lam Group's portfolio includes more than 60 development projects spanning both residential and commercial asset classes, with the majority of their assets located in Manhattan.