Mavik Capital has secured $25.1 million note-on-note facility to be used to convert a vacant 20-story Crowne Plaza hotel in Syracuse, N.Y., into a new multifamily property. OakNorth provided the facility.
Consisting of 287 studio apartments, the building will offer numerous amenities, including a community kitchen; dining, lounge and co-working areas; game room; wellness and fitness hub; and business center. Located half a mile from Syracuse University and SUNY Upstate Medical University, the site will also include a restaurant and convenience store on the ground floor, as well as 229 car parking spaces.
