{"id":1004034195,"date":"2011-11-15T05:27:16","date_gmt":"2011-11-15T13:27:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034195"},"modified":"2022-12-09T02:02:55","modified_gmt":"2022-12-09T10:02:55","slug":"investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel\/","title":{"rendered":"Investcorp Buys $40M Mezz Debt on NYC’s Paramount Hotel"},"content":{"rendered":"

November 15, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

Image Courtesy Wikimedia Commons user Jim.henderson<\/p><\/div><\/p>\n

Debt load is a topic on investors\u2019 minds of late, and Investcorp is capitalizing on that opportunity to purchase existing debt on attractive properties. Most recently, the firm picked up two existing mezzanine loans for a total principal balance of $40 million, backed by New York City\u2019s Paramount Hotel in Times Square. Fillmore Capital Partners originally held the debt, and served as principal lender for the hotel\u2019s purchase by RFR in October 2011. <\/p>\n

Noting that Investcorp expects \u201ccontinued improvement in the NYC hospitality market,\u201d Christopher Hoeffel, managing director with the firm, told Commercial Property Executive that \u201cthe debt is secured by one of the strongest hospitality markets in the country.\u201d<\/p>\n

A recent report by services firm Marcus & Millichap noted that the New York hotel market scored a 101.6 on its July 2011 year-to-date index of RevPAR and average daily rate \u2013 any score higher than 100 shows a year-over-year improvement in those metrics. <\/p>\n

\u201cWe\u2019re pleased to have had a chance to provide financing for a transaction involving one of New York City\u2019s most renowned hotels, and one that is in a particularly attractive location,\u201d Hoeffel said. \u201cOur longstanding relationship with RFR helped to expedite closure of this deal in a very condensed timeframe.\u201d<\/p>\n

The purchase of the Paramount mezz loans adds to Investcorp\u2019s portfolio of real estate debt investments, as the company holds various tranches of commercial real estate debt backed by hotels, office buildings and residential properties. In 2011, the company has also made significant strides in property acquisitions, purchasing the Bethesda Health building in Boynton Beach, Fla., for $37 million as well as the Residence Inn Manhattan Beach hotel in Los Angeles for $40 million. <\/p>\n","protected":false},"excerpt":{"rendered":"

Investcorp has picked up two existing mezzanine loans — a total principal balance of $40 million — backed by New York City’s Paramount Hotel and originated by Fillmore Capital Partners. <\/p>\n","protected":false},"author":1201,"featured_media":1004034196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,21783,21742,10],"tags":[],"class_list":["post-1004034195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-investment","category-latest","category-northeast"],"acf":[],"yoast_head":"\nInvestcorp Buys $40M Mezz Debt on NYC's Paramount Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investcorp Buys $40M Mezz Debt on NYC's Paramount Hotel\" \/>\n<meta property=\"og:description\" content=\"Investcorp has picked up two existing mezzanine loans -- a total principal balance of $40 million -- backed by New York City's Paramount Hotel and originated by Fillmore Capital Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-15T13:27:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:02:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111511-Parmount-Hotel-NYC-user-Jim.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"527\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/investcorp-buys-40m-mezz-debt-on-nycs-paramount-hotel\/\",\"name\":\"Investcorp Buys $40M Mezz Debt on NYC's Paramount Hotel - 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