Benefit Street Partners L.L.C. Announces Closing of a $135 Million Loan Package on The Empire Hotel
Benefit Street Partners (BSP) has announced the closing of a $135 million loan package for The Empire Hotel refinancing, comprising a $120 million senior loan and a $15 million mezzanine loan. The Empire Hotel, built in 1901 and renovated in 2013, is a 427-key hotel located in Manhattan's Upper West Side.
The loans were distributed across BSP's commercial real estate platform, with a portion allocated to Franklin BSP Realty Trust (NYSE: FBRT). The transaction was executed swiftly, with the borrower signing the application on December 17, 2024, and funding completed within 18 business days.
Benefit Street Partners (BSP) ha annunciato la chiusura di un pacchetto di prestiti da 135 milioni di dollari per il rifinanziamento dell'Empire Hotel, composto da un prestito senior di 120 milioni di dollari e un prestito mezzanino di 15 milioni di dollari. L'Empire Hotel, costruito nel 1901 e ristrutturato nel 2013, è un hotel con 427 camere situato nel quartiere Upper West Side di Manhattan.
I prestiti sono stati distribuiti attraverso la piattaforma immobiliare commerciale di BSP, con una parte destinata al Franklin BSP Realty Trust (NYSE: FBRT). La transazione è stata eseguita rapidamente, con il mutuatario che ha firmato la domanda il 17 dicembre 2024 e il finanziamento completato entro 18 giorni lavorativi.
Benefit Street Partners (BSP) ha anunciado el cierre de un paquete de préstamos de 135 millones de dólares para el refinanciamiento del Empire Hotel, que comprende un préstamo senior de 120 millones de dólares y un préstamo mezzanine de 15 millones de dólares. El Empire Hotel, construido en 1901 y renovado en 2013, es un hotel de 427 llaves ubicado en el Upper West Side de Manhattan.
Los préstamos se distribuyeron a través de la plataforma de bienes raíces comerciales de BSP, con una parte destinada al Franklin BSP Realty Trust (NYSE: FBRT). La transacción se ejecutó rápidamente, con el prestatario firmando la solicitud el 17 de diciembre de 2024 y el financiamiento completado dentro de 18 días hábiles.
베네핏 스트리트 파트너스(BSP)가 1억 3천5백만 달러 대출 패키지를 엠파이어 호텔 재융자를 위해 마감했다고 발표했습니다. 이 패키지는 1억 2천만 달러의 선순위 대출과 1천5백만 달러의 메자닌 대출로 구성되어 있습니다. 1901년에 건설되고 2013년에 개조된 엠파이어 호텔은 맨해튼 어퍼 웨스트 사이드에 위치한 427개 객실을 갖춘 호텔입니다.
대출은 BSP의 상업용 부동산 플랫폼을 통해 분배되었으며, 일부는 프랭클린 BSP 리얼티 트러스트(NYSE: FBRT)에 할당되었습니다. 거래는 신속하게 진행되었으며, 차용자는 2024년 12월 17일에 신청서를 서명하고 18 영업일 이내에 자금이 완료되었습니다.
Benefit Street Partners (BSP) a annoncé la clôture d'un package de prêts de 135 millions de dollars pour le refinancement de l'Empire Hotel, composé d'un prêt senior de 120 millions de dollars et d'un prêt mezzanine de 15 millions de dollars. L'Empire Hotel, construit en 1901 et rénové en 2013, est un hôtel de 427 clés situé dans le quartier Upper West Side de Manhattan.
Les prêts ont été répartis sur la plateforme immobilière commerciale de BSP, une partie étant allouée au Franklin BSP Realty Trust (NYSE: FBRT). La transaction a été exécutée rapidement, le prêteur signant la demande le 17 décembre 2024, et le financement étant finalisé dans les 18 jours ouvrables.
Benefit Street Partners (BSP) hat den Abschluss eines 135 Millionen Dollar Kreditpakets zur Refinanzierung des Empire Hotels angekündigt, das aus einem 120 Millionen Dollar Senior-Darlehen und einem 15 Millionen Dollar Mezzanine-Darlehen besteht. Das Empire Hotel, das 1901 erbaut und 2013 renoviert wurde, ist ein Hotel mit 427 Zimmern, das im Upper West Side von Manhattan liegt.
Die Kredite wurden über die kommerzielle Immobilienplattform von BSP verteilt, wobei ein Teil dem Franklin BSP Realty Trust (NYSE: FBRT) zugewiesen wurde. Die Transaktion wurde zügig durchgeführt, wobei der Kreditnehmer am 17. Dezember 2024 den Antrag unterschrieb und die Finanzierung innerhalb von 18 Geschäftstagen abgeschlossen wurde.
- Successfully closed a significant $135 million loan package
- Demonstrated quick execution capability, completing the deal in 18 business days
- Strategic expansion of commercial real estate portfolio through historic Manhattan property
- None.
Insights
The
The rapid 18-day execution timeframe is particularly noteworthy in commercial real estate lending, where deals of this magnitude typically take 45-60 days to close. This efficiency suggests strong underlying fundamentals and clean due diligence. The property's 2013 renovation mitigates immediate CapEx requirements, while its location in the Upper West Side - near Lincoln Center and Central Park - supports stable occupancy rates.
For FBRT shareholders, this transaction is positive as it diversifies the portfolio with a trophy hospitality asset in a prime location, while the mezzanine component potentially offers enhanced yield. The deal's size represents a meaningful addition to FBRT's loan portfolio, which should contribute to earnings stability.
The timing and structure of this refinancing package reveal several strategic advantages. Manhattan's hotel market is showing strong recovery signals, with RevPAR (Revenue Per Available Room) trending upward. The Empire Hotel's 427 keys make it a significant player in the Upper West Side submarket, where new supply and high barriers to entry protect existing assets.
Breaking down the numbers in simpler terms: Think of this as a mortgage for a hotel, but split into two parts - a main loan (
The historic nature of the property (built in 1901) adds value through irreplaceable architecture and brand recognition, while the 2013 renovation ensures modern amenities and operating efficiency. For investors, this transaction demonstrates FBRT's ability to execute complex deals quickly, potentially leading to more high-quality lending opportunities in 2025.
BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust, Inc. (NYSE: FBRT).
Michael Comparato, Head of Commercial Real Estate for BSP, commented: “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers. We look forward to capitalizing on additional unique opportunities within the real estate market throughout 2025.”
Further commenting, Brian Buffone, Head of Real Estate Operations at BSP, added: “The borrower signed our application on December 17, 2024. We successfully funded this complicated transaction in 18 business days, further demonstrating the flexibility and responsiveness of the BSP platform.”
About Benefit Street Partners
BSP-Alcentra is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt and equity. As of September 30, 2024, BSP-Alcentra has
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in
Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as “will,” “should,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, any statements herein that describe beliefs, intentions or goals also are forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of FBRT. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those indicated in such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Our forward-looking statements are subject to various risks and uncertainties, including but not limited to the risks and important factors contained and identified in FBRT’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250117468487/en/
Investor Relations Contact:
Lindsey Crabbe
l.crabbe@benefitstreetpartners.com
(214) 874-2339
Source: Benefit Street Partners L.L.C.
FAQ
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