JLL Capital Markets brokers $99M refinancing of the 282-unit The Fitzgerald apartments in the LoDo neighborhood of downtown Denver, CO

The Fitzgerald, a 282-unit, 11-story luxury apartment
community in the LoDo neighborhood
of downtown Denver, CO

  

DENVER, CO – JLL Capital Markets has arranged the $99 million refinancing of The Fitzgerald, a 282-unit, 11-story luxury apartment community in the LoDo neighborhood of downtown Denver, Colorado.

 

JLL represented the borrower, Greystar, to secure a floating-rate, three-year loan through Otera Capital.

Charles Halladay

Built in 2022, the studio, one- and two-bedroom units feature stainless steel appliances, quartz countertops, wood style flooring and an average size of 963 square feet.

 

Community amenities include an indoor/outdoor fitness and wellness studio, an onsite retail collection, coworking spaces and private meeting rooms, pool deck and spa and a social lounge with BBQs, fire pits and TVs.

 

Situated at 1840 Market St., The Fitzgerald spans an entire city block between 18th Street and 19th Street and offers walkability to LoDo’s best shops, cafes, restaurants and entertainment.

 

Within five minutes of the property are other popular neighborhoods, including Larimer Square, Union Station, LoHi, RiNo, Platte Street, Cherry Creek and the Golden Triangle.

 Jordan Angel

As a part of Denver’s Central Business District, The Fitzgerald is within a 1.5-mile radius of 1.8 million square feet of under-construction office space, and residents benefit from the over 161,000 jobs in downtown Denver.

 

 The property’s location also provides residents numerous nearby transit options, such as Denver Union Station, the free 16th Street MallRide, the central hub of RTD’s Light Rail System and the downtown Denver circulator bus.

 

Additionally, both MacGregor Square Entertainment Complex and Coors Field, home of the Colorado Rockies, are within proximity of the community.

Andrew (Andy) Scott

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Charles Halladay, Jordan Angel and Andy Scott, Director Rob Bova and Associate Ethan Habecker.

 

“The Fitzgerald’s location, quality, and amenity offering created significant demand from lenders. Despite a higher interest rate environment, best-in-class borrowers, such as Greystar, have many options for financing high-quality housing projects.

 

"We are deeply grateful to Greystar for putting their trust in JLL to finance this asset for them and Otera for being a great partner,” said Angel.

 

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Contact:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

 jll.com

www.greystar.com.

 

MCR Hotels and Island Capital Group close $260 million refinancing for the Sheraton New York Times Square

 

Andrew Farkas

 NEW YORK, NY- MCR Hotels (“MCR”), Island Capital Group (“Island”) and JLL’s Hotels & Hospitality group  announced that MCR and Island have closed on a $260 million refinancing of the 1,780-key Sheraton New York Times Square.

 

The four-year, floating-rate loan retires $250 million in outstanding seller-financing that was sourced when MCR Hotels and Island Capital acquired the hotel in April 2022. The new financing was provided by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”).

 Sheraton New York Times Square
Located at 811 7^th Avenue, the 55-story hotel 
 is situated in the heart of Midtown
Manhattan at the northern end
 of the prime Times Square retail corridor.

Andrew Farkas, Managing Member, Chairman and Chief Executive Officer of Island, said, “Successfully refinancing the Sheraton New York Times Square’s loan is a key component of our strategy to help the hotel capture additional market share and ensure it remains a premier destination on a long-term path for continued success. 

"We greatly appreciate both MCR ‘s and JLL’s support and partnership.”

Tyler Morse

“We are pleased to complete the refinancing of the Sheraton New York Times Square,” said Tyler Morse, Chairman and Chief Executive Officer of MCR. 

 

 “The hotel’s performance has rebounded since we acquired the hotel, which we believe is a testament to the strength of New York City’s lodging market. 

 

 "We are looking forward to working with Island and Fortress over the next several years to reinforce the Sheraton’s position as one of Manhattan’s leading hotels.”

Kevin Davis

Located at 811 7^th Ave, the Sheraton New York Times Square is situated in the heart of Midtown Manhattan at the northern end of the prime Times Square retail corridor.

 The hotel is close to numerous NYC tourist attractions, including Radio City Music Hall, The Museum of Modern Art, Central Park, Rockefeller Center and more.

Mark Fisher

The 50-story hotel is one of New York City’s largest by key count and one of the prime event venues in the city. The hotel has 61,800 square feet of meeting space across several floors, and it is one of a few hotels that can accommodate large groups, with a 23,000-square-foot ballroom.

 

 The hotel’s amenities include on-site food and beverage options, including Hudson Market, Starbucks Café and the Library Bar, an expansive fitness center, a dedicated business center that complements meeting venues, on-site parking and a collection of ground floor retailers.

 

Kevin Davis, Americas CEO of JLL’s Hotels and Hospitality group, said, “We are in the midst of a strong recovery across all segments of New York City’s hotel market.

Russell Freed

"This refinancing is indicative of improved debt capital markets sentiment in New York, which we expect will persist as the hotel market continues to benefit from the recovery of group, business transient and foreign travel demand.”

 

The JLL team was led by Kevin Davis, Managing Director Mark Fisher and Analyst Russell Freed. Fried Frank served as legal advisor to MCR and Island.

 

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide.

The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

About MCR Hotels

 

·        3rd-largest hotel owner-operator in the United States

·        $5.0 billion portfolio of 150 premium-branded hotels

·        MCR operates 9 Marriott brands, 8 Hilton brands and a number of unflagged independent hotels

·        Over 25,000 guestrooms across 37 states and 107 cities

·        Founded in 2006

·        Offices in New York City, Dallas, Chicago and Richmond, Virginia 

·        7,000 team members across the country

·        Three-time recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners

·        Recipient of the Hilton Legacy Award for Top Performer

·        For the TWA Hotel at New York’s JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS), the Urban Land Institute New York Excellence in Hotel Development Award and the American Institute of Architects national Architecture Award, the highest honor given by the AIA

·        Named one of Fast Company’s 10 Most Innovative Travel Companies of 2020 

 

Contact:

 Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750

 alli.stent@jll.com

 mcrhotels.com.