New York City Landmark Boutique Hotel, Casa Cipriani Receives $103 Million in Financing

Walker & Dunlop, Inc., Capital Markets announced yesterday that it arranged a $103 million commercial mortgage-backed security (CMBS) loan with Citigroup, J.P. Morgan, and Argentic to facilitate the refinancing of Casa Cipriani, a boutique hotel, private members club, and event space located at 10 South Street in New York, NY.

The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Sean Bastian, served as exclusive advisors to clients Cipriani, Midtown Equities, and Centaur Properties.

Originally known as the Battery Maritime Building and constructed in 1909 to serve ferries traveling to Brooklyn, Casa Cipriani is a one-of-a-kind, highly visible New York City landmark featuring irreplaceable historical detail. Its unparalleled location, combination of luxury event, dining, hospitality, and social spaces, and iconic architecture, have made it a leading New York City attraction since opening.

The Sponsorship team completed their re-development of the famous property in 2021, delivering three distinct, upscale concepts – a 47-key luxury boutique hotel, an exclusive private members' club, and grand event space – to one of the last prime waterfront development sites in Manhattan.

"Casa Cipriani is a truly irreplaceable asset that has quickly solidified itself as one of the premier hospitality and event destinations within New York City," said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “The quality of the product delivered by the clients, in addition to the outstanding economic performance of the property, resulted in a highly competitive financing process despite the challenges in today's capital markets environment."