The U.S. Bankruptcy Court has confirmed the reorganization plan of CBCS Washington Street LP (CBCS), and has authorized debt and equity financing to allow CBCS to complete construction of Le Fouquet’s, a luxury boutique hotel at 456 Greenwich Street in Tribeca. The 96-room hotel will be managed by French operator Groupe Lucien Barriere.
Hana Financial Investment will provide a $135 million construction loan, arranged by Terence Park, principal of VI Group. An additional $19 million is to be contributed by an equity co-general partner, APW, led by James Parks, an experienced hotel developer and operator along with Caspi Development.
Site preparation and foundation work is nearing completion, and construction manager Aecom Tishman has been engaged to build the development, with a completion date scheduled for 2022.
Teneo Capital served as investment banker and financial advisor. The legal team, in addition to Robinson Brog as attorneys for the partnership, also included Rosenberg & Estis as the partnership’s special real estate and finance counsel, Greenberg Traurig as lender’s counsel, Robinson+Cole partnership’s construction counsel and Tarter Krinsky & Drogin partnership’s special licensing counsel.
