790 7th Avenue - Manhattan, NY
Manhattan, NY According to Holliday Fenoglio Fowler, L.P. (HFF) the firm has completed $290 million in financing for The Manhattan at Times Sq. Hotel.
The HFF team worked on behalf of the borrower, Qatar-based Al Rayyan Tourism Investment Company (ARTIC), to place the floating-rate loan with Mack Real Estate Credit Strategies. The loan carries a four-year term with one one-year extension.
Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 s/f of retail in its 22 stories. The hotel is in Times Square at 790 7th Ave. and encompasses the entire city block from 51st to 52nd St. and 7th Ave.to Broadway.
ARTIC will continue to operate the hotel on an as-is basis while it finalizes plans for a best-in-class mixed-use tower. Once redeveloped, the nearly 1,500-ft.-tall building will include 44,000 s/f of LED signage wrapping the base, 134,000 s/f of retail space, 250 hotel rooms and 150 condominium residences.
The HFF debt placement team representing the borrower consisted of senior managing director and head of HFF’s hotel group Daniel Peek; managing directors Danny Kaufman and Christopher Peck; senior directors Jeff Bucaro, Scott Wadler and Chris Hew; and associate Nicole Aguiar.
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