LIIF Acquisition Loan to Stewart Hotel Conversion Project Facilitates Affordable Housing in the Heart of Manhattan
LIIF has served as agent to lead a CDFI co-lending arrangement, providing a $20 million secured acquisition loan to Breaking Ground, Slate Property Group and Settlement Housing Fund. This early-stage financing will fund part of the nearly $300 million acquisition and predevelopment of the Stewart Hotel, a 28-story, 475,000-square-foot vacant hotel next to Madison Square…