Sioni Group secured a $143 million refinancing loan from Valley National Bank for its planned conversion of the hotel at 371 Seventh Avenue into a 625-unit residential building. The financing also covers an adjacent garage at 148 West 31st Street. The previous lender was Blackstone, which had issued a $158.8 million loan. The properties generated $69.1 million in annual revenue. The borrower is led by Ray Yadidi, and Isaak Chetrit is also listed as a shareholder.
Sioni Group
