{"id":1004157685,"date":"2016-11-01T05:43:32","date_gmt":"2016-11-01T13:43:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157685"},"modified":"2020-05-11T02:53:46","modified_gmt":"2020-05-11T10:53:46","slug":"robertdouglas-handles-320m-refi-for-denihan-in-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/robertdouglas-handles-320m-refi-for-denihan-in-nyc\/","title":{"rendered":"RobertDouglas Handles $320M Refi for Denihan in NYC"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004156519\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004156519\" data-attachment-id=\"1004156519\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/denihan-pebblebrook-complete-manhattan-jv-restructuring\/the-benjamin-hotel-new-york\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg\" data-orig-size=\"1280,853\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Benjamin Hotel, New York\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Benjamin Hotel, New York&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg?w=1024\" class=\"wp-image-1004156519 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg\" alt=\"The Benjamin Hotel, New York\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/The-Benjamin-Hotel-New-York.jpg?resize=1024,682 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004156519\" class=\"wp-caption-text\">The Benjamin Hotel, New York<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.robert-douglas.com\/\" rel=\"nofollow\" target=\"_blank\">RobertDouglas<\/a> recently announced it has advised <a href=\"https:\/\/www.denihan.com\/\" rel=\"nofollow\" target=\"_blank\">Denihan<\/a> in the procurement of a $320 million senior debt loan to refinance four Manhattan hotel properties. The five-year loan was placed with Broad Street Real Estate Credit Partners II LP, a credit fund managed by the Merchant Banking Division of <a href=\"https:\/\/www.goldmansachs.com\/\" rel=\"nofollow\" target=\"_blank\">Goldman Sachs<\/a>.<\/p>\n<p>The refinancing comes a mere week after Denihan <a href=\"https:\/\/www.commercialsearch.com\/news\/denihan-pebblebrook-complete-manhattan-jv-restructuring\/\" target=\"_blank\">completed the restructuring<\/a> of its joint venture with Pebblebrook Hotel Trust, in which the two companies divvied up their \u201cManhattan Collection\u201d of six upper-upscale Midtown hotels. Following the restructuring, Denihan is now the sole owner of four hotels totaling 917 rooms: three Affinia Hotel Collection-operated properties (the Shelburne NYC in Murray Hill, the Fifty NYC in Midtown Manhattan and Gardens NYC on the Upper East Side) and the independent, 209-key Benjamin hotel at Lexington Avenue and 50<sup>th<\/sup> Street.<\/p>\n<p>\u201cDespite the difficult operating conditions in New York City, the Denihan portfolio includes some of the strongest performing <a href=\"https:\/\/www.commercialsearch.com\/news\/hotel\/\" target=\"_blank\">hotels<\/a> in the market and lenders responded positively to this financing,\u201d Doug Hercher, principal &amp; managing director of RobertDouglas, said in a statement.<\/p>\n<p>\u201cWe are at a transitional moment in the capital markets, with regulatory changes and slowing hotel fundamentals, particularly in Manhattan, creating challenges for lenders,\u201d added Chris Ropkpo, senior director of RobertDouglas. \u201cGoldman Sachs was unique in its ability to see through the headlines and make a loan that reflects their long-term confidence in the New York market, the portfolio and the Denihan organization.\u201d<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.thebenjamin.com\/\" rel=\"nofollow\" target=\"_blank\">TheBenjamin.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the restructuring of its joint venture with Pebblebrook, Denihan has refinanced four of its upscale Manhattan hotels.<\/p>\n","protected":false},"author":192,"featured_media":1004156519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,1600,21742,10],"tags":[],"class_list":["post-1004157685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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