Cronheim Hotel Capital (CHC) has secured a $22,000,000 loan on behalf of LAM Generation in order to refinance the existing note on the 92-room Fairfield Inn & Suites located in Manhattan, New York.
The CHC team comprised of Beau Williams, senior managing director, and Michael McGuire, executive director, sourced the loan.
Williams said, “We are very pleased to continue partnering with the local bank community in an environment that continues to be volatile. These partnerships are truly paramount in these times especially when fundamentally good deals (asset and sponsor) are deserving of good economics and execution. LAM Generation is a great example of this and were very pleased to execute for them.”
Lam Generation is a real estate development, investment, and management company based in New York City. Founded in 2005, the company has developed over 1.5 million square feet of real estate assets in Manhattan and Brooklyn which includes hospitality, residential, office, and retail.
