HSBC makes loan on GFI Capital's Beekman Hotel project

GFI Capital Resources Group, the developers behind the soon-to-be Beekman Hotel in Lower Manhattan, has received a $207-million loan from HSBC Bank, reports Commercial Observer.

GFI Capital is converting a vacant office building at 5 Beekman Street into a 287-room, 40-story hotel with a 68-unit condominium tower next door at 115 Nassau Street. The loan closed on May 8.

GFI Capital bought the main building for $64 million in March 2012 and the parcel next door for $22 million, city records show.

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The main building’s previous owners, the Chetrit Group and Bonjour Capital, which had acquired the property in 2008, also had plans to turn it into a hotel. However, due to the financial crisis, those plans were stalled.