Blue Owl Capital Backs $106M Refinancing for Manhattan’s Lowell Hotel
Blue Owl Capital Backs $106M Refinancing for Manhattan’s Lowell Hotel
CBRE Group, Inc. has arranged a significant refinancing package for a historic hospitality asset in New York City. Kensico Properties has secured $106 million in senior debt from Blue Owl Capital to pay off existing financing on the Lowell Hotel, a luxury boutique property located on the Upper East Side.
The financing transaction was orchestrated by Matthew Klauer of CBRE. The loan targets the 17-story hotel, which has been owned and managed by Kensico Properties since the firm acquired and redeveloped the site in 1984.
Located at 28 East 63rd Street, near Madison Avenue and Central Park, the Lowell Hotel originally opened in 1927. The property contains 74 guest rooms and suites, featuring amenities such as the Club Room and the Pembroke Room. The hotel is noted for its suites that often include private terraces.
CBRE emphasized the asset’s standing in the luxury market, highlighting its reputation and location as key drivers for the lending opportunity. The refinancing replaces the hotel’s previous debt structure with new capital provided by Blue Owl Capital.
Shares of CBRE Group were recently trading at $150.24, reflecting a slight decline of 0.54% from the previous close. The company maintains a market capitalization of approximately $42.51 billion and operates across the real estate services sector.
What to watch
- Future loan originations from Blue Owl Capital within the New York hospitality sector.
- Upcoming earnings reports from CBRE regarding its debt financing and advisory services volume.
Source: original release