Capstone Reopens The Renwick Hotel After Buying Its Defaulted Debt

Excerpt from the Commercial Observer website: The Renwick Hotel at 118 East 40th Street has a new owner in Capstone Equities, and a recapitalization to boot, Commercial Observer has learned.

The hotel finally reopened last month after shuttering for two years during the COVID-19 pandemic. 

Capstone is now the historic hotel’s owner after its previous proprietor, Meadow Partners, defaulted on the property’s $46 million mortgage in April 2020. The hotel’s lender, Heitman Capital Management, sold the defaulted note to Capstone in January for a “substantial discount,” sources said, and Meadow Partners cooperated with a “friendly deed-in-lieu” to transition the keys over to Capstone. 

Maxim Capital Group is said to have provided a $15.5 million loan for the note purchase. 

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