School loan

Casa Cipriani Secures $100M Refi From ACORE Capital – Trade Observer

Downtown Actions, Centaur Properties and Cipriani S.A. sealed a $100 million refinancing for Casa Ciprianitheir luxury waterfront hotel and members club in Lower Manhattan, Commercial Observer has learned.

A core Capital provided the three-year bridge loan, which includes two one-year extension options. Walker and Dunlopit is Jonathan Schwartz, Aaron Call, Keith Kurland and Adam Schwartz negotiated debt.

Located at 10 South Street and also known as Maritime Building Batterythe Beaux Arts style building was once a ferry terminal which was listed on the National Register of Historic Places in 1976.

Properties Centaur and Italian hotel and leisure company Cipriani took the reins of converting the asset into a hotel and event space in 2017, with Midtown Equities stepping into the project as an investor and development partner in 2018.

Today, Casa Cipriani offers 47 luxury hotel rooms and suites – with private balconies overlooking the the brooklyn bridge and Statue of Liberty – plus a private club and 15,000 square foot spa. The glamorous property also includes a restaurant – inspired by a 1930s French ocean liner – which is open for breakfast, lunch and dinner daily.

Acore also provided the previous funding round for the construction of Casa Cipriani in 2019, finally refinancing with this new loan through a very competitive bidding process. The same W&D team also organized the previous funding round.

“We are very proud to be part of the redevelopment of the iconic Battery Maritime Building in Lower Manhattan,” Tony Finemanco-head of originations at Acore, told CO. “Our friends at Midtown Equities, Cipriani and Centaur have done an outstanding job with the restoration and renovation of the property, and the end product is one of the best projects I have been involved with in my career.”

Fineman described the event space as “extraordinary. The hotel rooms are gorgeous, and the restaurant and club floor are an incredible collection of spaces with gorgeous views. Since construction was completed, I have attended several events at the property and visited the restaurant and club several times. I can confirm, first-hand, that the operation of the property is impeccable – and the food is excellent.

Foundation of the Cipriani family patriarch, Giuseppe Cipriani Harry’s bar in Venice in 1931, named after Europa Hotel godfather Harry Pickering. Cipriani was a bartender at the hotel at the time, and legend has it that he lent Pickering 10,000 Italian lire after his family cut him off financially. Two years later Pickering returned and gave Cipriani 50,000 lire, enough to open a bar to be called Harry’s Bar. The place has become popular with celebrities such as Ernest Hemingway and Humphrey Bogart, and rumor has it that carpaccio and Bellini cocktails originated there.

Today, the Casa Cipriani menu includes several Harry’s Bar classics, including the original carpaccio and its famous vanilla meringue cake.

Midtown Equities officials did not respond to a request for comment. W&D officials declined to comment.

Cathy Cunningham can be contacted at [email protected]