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For media relations, please contact:
Janine Shagoury
Managing Director, Communications
(212) 891-1831
Mitch Karig
Vice President, Communications
(212) 891-1882
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IXIS Real Estate Capital Provides $55,000,000 Financing for Manhattan Hotel
NEW YORK, November 8, 2006 – IXIS Real Estate Capital provided a 10-year, fixed-rate $55,000,000 loan to Brisam Management for the Holiday Inn Express Manhattan. The 228-room hotel is conveniently located in the popular Chelsea neighborhood of New York City, with close proximity to Penn Station, the Jacob K. Javits Convention Center and Times Square. The hotel will be managed by Hersha Hospitality Management, an affiliate of Hersha Hospitality Trust, which manages over 52 hotels throughout the East Coast. The financing was arranged by Sonnenblick-Goldman.
Brisam Management is controlled by Mr. Sam Chang who has owned interests in over 59 hotel and residential properties throughout New York, Pennsylvania and Connecticut. Chang has opened 25 hotels in New York City and has a number under construction at this time.
About IXIS Real Estate Capital
As the U.S. commercial real estate financing affiliate of IXIS Corporate & Investment Bank of Paris, France, IXIS Real Estate Capital offers real estate investors, operators and developers a variety of flexible and innovative financing solutions. With offices in New York, Los Angeles Atlanta and Chicago, IXIS’s specialized lending teams are supported by the financial strength of one of the largest banking groups in France. IXIS Real Estate Capital offers a full range of financing products including fixed-rate, floating-rate and mezzanine loans. News releases and other information about IXIS Real Estate Capital, its products and services are available at www.ixisrealestatecapital.com.
For further information, please contact Janine Shagoury at 212-891-1831 or David Askren at 212-891-6152.
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