New York Life Provides $50M Refi on Marriott-Branded Financial District Hotel

A joint venture between Concord Hospitality and Panorama Holdings has sealed a $49.5 million loan to refinance the Courtyard by Marriott New York World Trade Center Area hotel, Commercial Observer has learned.

New York Life provided the loan on behalf of the entity Concord Panorama Greenwich for the sponsorship’s 25-story hotel at 100 Greenwich Street, steps from One World Trade Center, sources familiar with the deal told CO. 

Concord Hospitality acquired the hotel when it was called Marriott Fairfield Inn & Suites for $69 million in September 2021 from Sam Chang, Crain’s New York Business reported. 

Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh, Alex Bailkin and Matt O’Hanlon, who confirmed the deal but declined to name the lender. “After purchasing the hotel, sponsorship reflagged it to a Courtyard by Marriott, positioning it ideally to capitalize on the higher-end demand segment while simultaneously benefiting from the resurgent hospitality market,” Betesh said in a statement. “As a result of their efforts, operations at the property have improved dramatically, which led to a competitive bidding landscape on the refinance.” 

Betesh formed Arrow Real Estate this fall after departing his senior managing director role at Meridian Capital Group along with 12 team members from the brokerage, Bailkin and O’Hanlon among them, CO first reported at the time.

Officials at New York Life,  Concord Hospitality and Panorama Holdings did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.