Park Central

Park Central, New York, USA

The B2 and B3 notes in the senior mortgage and the 1-3 tranches in the mezzanine loan on the Park Central Hotel, a 934-key hotel located on 7th Avenue between 55th Street and 56th Street in Midtown in New York.

Transaction Background

In February 2010, Rockpoint Fund III acquired these loans. The business plan included monitoring the hotel’s operating performance through loan maturity. In August 2011, the borrower signed a contract to sell the asset, and in conjunction therewith, Fund III agreed to accept repayment of its loans. The sale closed in December 2011, generating strong returns for Rockpoint’s investors.