25 East 77th St

The Alexico Group secured a $335 million refinancing loan for the luxury Mark Hotel at 25 East 77th Street on the Upper East Side. The bulk of this funding, a $300 million commercial mortgage-backed securities loan, was provided by Goldman Sachs, with an additional $35 million in mezzanine financing. The senior loan features a floating-rate, single-asset, single-borrower transaction. This refinancing extends the maturity date of Alexico’s previous 2022 CMBS loan, helping avoid foreclosure. Despite high interest rates affecting hotel valuations, New York’s hospitality market is recovering, partly due to regulations limiting short-term rentals and new hotel construction.