Debt facility to finance construction of 232-room major branded hotel in New York City
LAS VEGAS, April 2, 2013 /PRNewswire/ — BNP OVESCO*'s Chief Operating Officer, Jeffrey Howard, announced that BNP OVESCO* is planning to provide a $160 million USD non-recourse debt facility. The debt facility will be protected by a credit wrap designed by BNP OVESCO* and its reinsurance partnership to insure the debt facility inclusive of interest in the event of a non-curable borrower default. The debt facility will finance the construction of a 232-room major branded hotel with condominiums being developed in New York City. The developer will be providing the equity. The entire all in cost is $250 million USD.
BNP OVESCO*, a boutique real estate investment firm, provides non-recourse debt capital at very aggressive market rates for debt facilities in excess of $40 million USD, internationally.
*BNP OVESCO is not affiliated or owned by BNP Paribas
Please contact Daniel Leclerc for further information.
Daniel Leclerc, Vice President
New Business Development
BNP Overseas Investment Company
2300 West Sahara Avenue, Suite 800
Las Vegas, NV 89102
702-664-2070 (O)
702-925-4943 (F)
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