NEW YORK, NY – July 19, 2024 – The Capital Services Group for Ariel Property Advisors (Ariel) recently arranged a three-year $8.7 million fixed-rate refinance loan for a partially owner-occupied hospitality and restaurant portfolio in Manhattan’s Theater District.

An Ariel team comprised of Ben Schlegel, Director of Capital Services; Matt Swerdlow, Senior Director of Capital Services; Christoffer Brodhead, Senior Director of Investment Sales; and Rhea Vivek, Associate in Capital Services, arranged the transaction on behalf of ownership.

The fully occupied portfolio consists of two properties, both of which feature a bar/restaurant owned and operated by the borrower while additionally the second property has a boutique hotel occupying floors three through six, which is leased to a third-party operator.

“Refinancing hospitality and bar/restaurant assets in today’s market environment presents significant challenges,” said Schlegel. “However, this deal highlights the appetite from the banking community for owner-occupied Commercial & Industrial loan opportunities. Consequently, the strong occupancy and strategic Theater District location of the properties in the portfolio generated substantial interest from lenders. This transaction underscores Ariel’s expertise in navigating the complexities of the current market, especially with sectors that have been particularly challenging to finance.”