Simon Baron, Quadrum refi Arlo NoMad hotel Deal replaced debt developers landed from Cayman Island-bas上海贵族宝贝论坛

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ed lender in 2015 to complete stalled project

From left: The Arlo Hotel at 11 East 31st Street, Matt Baron and Jonathan Simon

Simon Baron Development and Quadrum Global refinanced their 250-key Arlo hotel in NoMad with $73.5 million from the asset management firm Barings, property records filed with the city Tuesday show.

The financing adds $39.5 million of new debt onto the property and replaces a $34 million balance from a loan Cybus Lending Corporat上海龙凤论坛

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ion, a Cayman Islands-based lender, provided the owners in 2015.

Representatives from Simon Baron and Barings were not immediately available to comment.

Simon Baron assembled the site for what would become the 31-story爱上海龙凤419桑拿

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hotel at 11 East 31st Street beginning in 2007 for $27 million through a joint venture with AREA Property Partners. The project stalled out during the recession and, when it finally got back on track, hit another speed bump in 2015 w上海贵族宝贝论坛

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hen regulators shut down the project’s construction lender, the Puerto Rico-based Doral Bank.

London-based equity partner Quadrum stepped into the deal in 2012 to help recapitalize the project, which was set to operate under billionaire Joh上海千花网论坛

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n Pritzker’s millennial-focused tommie hotels brand before the heir to the Hyatt Hotels empire scuttled the plans.

Quadrum opened the hotel late last year under the Arlo flag with their partners Simon Baron, Keith Schwebel of KSNY and the New York-based hotel investment company Eagle Point Hotel Partners.

Tags: Commercial Real Estate, Quadrum Global, Real Estate Finance, Simon Baron Development
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