NEW YORK—Bank of America closed a $235 million construction loan for the Baccarat Hotel & Residences, the 50-story luxury building being constructed on West 53rd St. in Manhattan by Starwood Capital. Bank of America is acting as administrative agent and lead lender of a syndicate of banks providing the loan, which closed today. Law firm Morrison & Foerster LLP served as legal advisor to Bank of America.
Leading the Morrison & Foerster team was Mark Edelstein, chair of the firm’s New York real estate finance group, Chris Delson, New York real estate partner, and associate Diana Quarry.
Baccarat Hotel & Residences New York is located on 53rd St. just off Fifth Avenue directly across from the Museum of Modern Art and its sculpture garden. The glass tower will feature 114 guest rooms including 26 suites, as well as 61 private residences ranging from one- to four-bedrooms, including four full-floor units and a five-bedroom penthouse duplex with an outdoor terrace.
The hotel will feature a stand alone "crystal bar" atop the base podium surrounded by an outdoor "tuileries" terrace, a gorgeous spa, indoor pool and fitness facility, and a beautiful bar and restaurant entered at street level. The Baccarat Hotel & Residences will open in 2014, coinciding with the brand's 250th anniversary.
“Starwood Capital’s Baccarat-branded hotel and condo tower will undoubtedly be a success. This transaction shows that there is financing available for the right projects, especially in the major markets like New York” Edelstein said in a statement.