Member News, News

Bryant Park Hotel Sold for $25 Million Loss

According to June servicer data, the $84.8 million Bryant Park Hotel loan was resolved this month for a $25.7 million loss. The hotel was sold out of foreclosure for $65 million to the controlling class using a fair value purchase option according to a Barclays research note. An appraisal done this past February valued the midtown Manhattan hotel at $71 million.

Repayment of fees, interest shortfalls, and advances totaled $6 million, and the remaining $59 million paid down the A-3 tranche of JPMCC 2007-CIBC18. The principal writedown hit the F tranche, sending cumulative bond loss to 6.3%. According to the Barclays note, only $20.8 million of the $25.7 million loss was applied to the bonds for reasons unknown as of yet.

Compliments of TREPP, LLC – A EACCNY Member | ©1997-2014 Trepp, LLC. All Rights Reserved.