A scorching heat wave swept through New York City in the third week of June, igniting a flurry of activity in the commercial real estate market. Four of the five largest loans closed during this period were secured by properties in the Big Apple, with one standout deal capturing the spotlight: Alexico Group’s impressive $335 million financing for The Mark Hotel, a luxurious five-star property on Manhattan’s Upper East Side.
The Mark Hotel: A $335 Million Triumph
The Mark Hotel, renowned for its opulence and elegance, secured a staggering $335 million loan from Alexico Group. Nestled in the heart of Manhattan’s Upper East Side, this five-star gem has long been a favorite among discerning travelers and celebrities alike. The financing will further enhance its status as a premier luxury destination, allowing for renovations, expansions, and unrivaled guest experiences.
Affinius Capital Backs The Breeze in Long Beach
Another significant deal unfolded in the New York metropolitan area, as Affinius Capital provided a $150 million loan to refinance The Breeze—a multifamily property developed by B2K Development and Harrison Street—in Long Beach, N.Y. The Breeze, with its prime location and modern amenities, continues to attract residents seeking coastal living with urban convenience.
RXR Realty Investments Fuels Phoenix’s Growth
Breaking away from the New York scene, RXR Realty Investments stepped into the spotlight by offering $120 million to build Ray Phoenix, a 401-unit, 26-story multifamily tower in Downtown Phoenix. This investment underscores the city’s rapid growth and the demand for upscale living spaces in the vibrant Arizona metropolis.
