Century Capital Partners, a New Jersey-based firm, has made a $7 million loan to the Blue Moon Hotel, the boutique property at 100 Orchard St. The hotel, owned by Randy Settenbrino, has been for sale off-and-on for several years. Last year, it carried a $19 million price tag.
Century Capital is a direct commercial real estate lender. David Hecht, the company’s president said in a press release, “Manhattan is a marketplace in which we have always shown great interest, but had not yet found the right opportunity. ” According to the release, some of the new capital will be used for “minor renovations and interior design updates to reflect the historic style and discerning tastes that its location dictates.”
The Blue Moon, located in a converted tenement, includes 22 period-specific rooms.