News Column

United States : AXA EQUITABLE LIFE INSURANCE allocates finance to RFR Holding

August 7, 2014

AXA Equitable Life Insurance Company declared that it has allocated $85 million funding to RFR Holding for its acquisition and repositioning of the Holiday Inn Soho at 138 Lafayette Street.

The loan documents include the debt is split into a $70 million acquisition loan, a $6 million project loan and a $9 million building loan .

According to RFR, the sponsor aims to reposition the 14-story hotel by bolstering the total retail space to 9,720 square feet and adding outdoor balconies to six of the hotel s 227 rooms.

The Midtown development firm is operated by German-born real estate mogul Aby Rosen. On July 30, it bought the property from The Procaccianti Group, a Cranston, R.I.-based developer and hotel operator, for $89.7 million.

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Source: TendersInfo (India)

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