NEW YORK — December 9, 2010--Bayrock/Sapir Organization, LLC, announced today a debt recapitalization of its Trump SoHo hotel condominium project in downtown Manhattan. Through the debt recapitalization, iStar Financial has been substantially paid down and all project indebtedness has been extended as a result of new debt financing provided by CIM Group. Trump will continue to manage the property as it has since the hotel opened in April 2010, where it has exceeded expectations and already received strong industry and consumer accolades in its first year of operations.
A spokesperson for the Sapir Organization stated, "We are extremely happy to have reached this positive outcome with our lenders. We welcome CIM Group and thank iStar for its invaluable participation in this great 21st century New York development."
Donald J. Trump said, "The recapitalization of the debt on Trump SoHo is an homage to the success of the property, the hotel and its operation and a sign of the confidence in the long term viability of this project. We are extremely excited about this new development for this world class property in this spectacular location."
"We are pleased to have successfully recapitalized this unique asset. We believe the Trump SoHo development team will ensure the long-term success of this irreplaceable asset," said Barclay Jones, executive vice president of iStar Financial Inc.
Julius Schwarz, executive vice president of Bayrock Group, L.L.C. stated,
"Trump SoHo continues to surpass all expectations. It is now one of the most successful destination hotels in the City of New York, and its views are unparalleled anywhere. We are delighted with this show of validation in the success of our project and we look forward to beginning our new phase of marketing and sales."
Trump SoHo, will continue to be marketed to the domestic and international markets by Prodigy International, the property's exclusive sales and marketing team. According to Rodrigo Nino, president of Prodigy International, "With the successful recapitalization of the project loan in place, we look forward to buyers knowing that one of the most sought after locations in downtown Manhattan that provides an unprecedented level of sophisticated services and amenities in a setting of exquisite luxury is financially on stable footing."
The accolades Trump SoHo has received in its first year include being selected as the World Travel Awards Leading New Hotel in North America 2010.
Trump SoHo, at 246 Spring Street, opened in April 2010 in the fashionable SoHo (South of Houston) district. The 46-story shimmering silhouette was designed by internationally renowned Handel Architects; and the interiors have been created by the award-winning Rockwell Group. Soaring above Spring Street, this SoHo hotel provides unparalleled views of the city through floor-to-ceiling windows in the 391 spacious guest-rooms, suites and penthouses. Its restaurant, Quattro Gastronomia Italiana, and late-night cocktail lounge, Kastel, have drawn an A-list celebrity crowd. Trump SoHo is a joint venture among The Sapir Organization, Bayrock Group L.L.C. and an affiliate of The Trump Organization.
Prodigy International is the exclusive sales and marketing company for Trump SoHo New York. For more information or to schedule a private appointment, call (212) 965-0008 or visit www.trumpsoho.com.