Commercial Observer is reporting that Madison Realty Capital has loaned the owners of Chelsea’s GEM Hotel $30.5 million as part of a debt investment program to renovate the property. The 107-year-old building is home to neighborhood retail staple Foragers on the ground level, and the upper floors are in the middle of renovations aimed at updating the rooms and expanding the hotel’s marketing strategy. Josh Zegen of MRC praised the hotel’s location in the booming Chelsea submarket and said of the property itself, “They have a great retail concept and it’s a great boutique hotel, proximate to a number of cool things going on in the city.”

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