Davidson Kempner lands $216M refi for Westin Grand Central

The Westin New York Grand Central is about to get some upgrades thanks to fresh financing. A joint venture of Bain Capital Special Solutions and Smith Hill Capital provided sponsor Davidson Kempner Capital Management with a $216 million loan to refinance the hotel at 212 East 42nd Street, the Commercial Observer reported. Loan proceeds are expected to go towards capital improvements. A JLL team including Kevin Davis, Mark Fisher and Jillian Mariutti arranged the loan at the 774-key property. Besides Westin’s brand recognition, Smith Hill’s Brendan McCormick pointed to “really attractive supply dynamics” for the hotel market on the East […] This article originally appeared on The Real Deal. Click here to read the full story.