On behalf of Tishman, Newmark Knight Frank has arranged a $30 million floating-rate loan from Banco Popular for the refinancing of the Sheraton Old San Juan on behalf of its client Tishman, the companies announced.
Tishman has been operating the nine-story, 240-room, hotel and retail property since 2004 and acquired the property in 2015. The hotel includes 9,000 square feet of meeting space, a fitness center, rooftop pool and 27,500 square feet of retail space occupied by retail tenants such as Walgreens, Nespresso, Harley Davidson and Señor Frogs.
“The exceptional location on the waterfront of the San Juan Bay and proximity to the busiest port in the Caribbean puts the historic hotel in prime position to capitalize on the significant transient and corporate demand in the market,” said Dustin Stolly, who headed the Newmark Knight Frank team in the transaction.
“Given the hotel’s recent capital improvement and long-term retail leases, the Sponsors will continue to drive steady cash flow from the asset,” said Jordan Roeschlaub, vice chairman and co-headd of Debt & Structured Finance.
Tishman is a vertically integrated real estate owner, developer, operator and advisor. With roots dating back to 1898, Tishman has owned and developed roughly 10 million square feet for its own account and has sourced and structured nearly $8 billion of debt and equity for its projects.
Further, Tishman has developed, managed and advised on more than 35 million square feet of all types of real estate — including hospitality, retail, residential and office, with current assets under management in excess of $4 billion in real estate and other asset classes.