{"id":1004309099,"date":"2019-03-17T23:56:51","date_gmt":"2019-03-18T07:56:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004309099"},"modified":"2019-03-17T23:56:51","modified_gmt":"2019-03-18T07:56:51","slug":"manhattan-luxury-hotel-gets-31m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-luxury-hotel-gets-31m-refi\/","title":{"rendered":"Manhattan Luxury Hotel Gets $31M Refi"},"content":{"rendered":"<div id=\"attachment_1004309102\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004309102\" data-attachment-id=\"1004309102\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manhattan-luxury-hotel-gets-31m-refi\/the-gem-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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 Gem Hotel\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Gem Hotel&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg?w=800\" class=\"wp-image-1004309102 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg\" alt=\"The Gem Hotel\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004309102\" class=\"wp-caption-text\">The Gem Hotel<\/p><\/div>\n<p>Madison Realty Capital has provided a&nbsp;$30.5 million&nbsp;collateral loan to Icon Realty Management for The&nbsp;GEM Hotel. The 81-key luxury boutique property is situated in the Chelsea neighborhood of Manhattan.<\/p>\n<p>The sponsor, Icon Realty Management, will use part of the funds to refinance previous debt.&nbsp;The other part will serve to reposition the asset with an expanded marketing strategy and updated branding, as well as to make capital improvements to the property, which will include room, lobby and hallway upgrades as well as facade work. JLL has secured the financing through Vice Chairman Aaron&nbsp;Appel.<\/p>\n<p>Located at&nbsp;300 W. 22nd St.,&nbsp;on the corner of Eighth Avenue and 22nd Street, The GEM Hotel is nearly 1 mile from Madison Square Park and half a mile away from Penn Station. The Highline Park, <a href=\"https:\/\/www.commercialsearch.com\/news\/lyft-inks-100-ksf-lease-in-manhattan\/\">Hudson Yards<\/a> and Chelsea Market are also in the vicinity.<\/p>\n<p>The four-star, five-story luxury hotel was built in 1912 as a residential property. In 2007, Icon Realty Management bought and converted it to hospitality use, installing new mechanical systems and making structural upgrades to the building. Common-area amenities include a fitness center and bicycle rental service.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madison Realty Capital originated the loan for the 81-key GEM Hotel in Chelsea. The sponsor acquired the property, which previously served as a residential building, in 2007.<\/p>\n","protected":false},"author":870,"featured_media":1004309102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21751,1600,21742,10],"tags":[41330,32796,33241],"class_list":["post-1004309099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-aaron-appel","tag-jll","tag-madison-realty-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Manhattan Luxury Hotel Gets $31M Refi - 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\/manhattan-luxury-hotel-gets-31m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Luxury Hotel Gets $31M Refi\" \/>\n<meta property=\"og:description\" content=\"Madison Realty Capital originated the loan for the 81-key GEM Hotel in Chelsea. The sponsor acquired the property, which previously served as a residential building, in 2007.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-luxury-hotel-gets-31m-refi\/\" \/>\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=\"2019-03-18T07:56:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/The-Gem-Hotel.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/\"},\"author\":{\"name\":\"Adriana Marinescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"headline\":\"Manhattan Luxury Hotel Gets $31M Refi\",\"datePublished\":\"2019-03-18T07:56:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/\"},\"wordCount\":212,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/03\\\/The-Gem-Hotel.jpg\",\"keywords\":[\"Aaron Appel\",\"JLL\",\"Madison Realty Capital\"],\"articleSection\":[\"Finance\",\"Hotel\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-luxury-hotel-gets-31m-refi\\\/\",\"name\":\"Manhattan Luxury Hotel Gets $31M Refi - 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