Massey Knakal Capital Services Closes An $80.0 Million Loan
Massey Knakal Capital Services is pleased to announce the closing of an $80,000,000 bridge financing, which was arranged exclusively by Director Scott Aiese. The loan was secured by the Cassa Hotel, a 165-key hotel located in the Times Square submarket of Manhattan. An entity controlled by Angelo, Gordon & Co. was the lender.
"Our team arranged a multi-tranched $80,000,000 financing secured by the Cassa Hotel. The 165-key hotel is a world-class, four-star asset, located directly east of Times Square, which benefits from over 370,000 daily pedestrians and arguably the country’s top travel destination for tourists and business people. Leveraging Massey Knakal’s new hospitality sales division, we had critical market knowledge to explain the cash flow growth and valuation to the lenders within the capital stack. ” said Massey Knakal’s Scott Aiese, who exclusively handled this transaction.
Executive Managing Director Garrett Thelander added, “With over 30 aggregate years of structured finance experience in the lodging sector, our team provided the borrower with the necessary expertise to navigate the intricacies of this complicated transaction and negotiate loan terms that addressed our client’s long-term business plan.”
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.