News: Brokerage

Meridian Capital Group arranges $44.5 million in financing for The Hotel @ Times Square

Manhattan, NY Meridian Capital Group has arranged $44.5 million in financing to refinance The Hotel @ Times Square, a 213-key hotel property.

The transaction was negotiated by Meridian senior managing director, Morris Betesh, managing directors, Justin Boruchov and Tamir Kazaz, and vice president, Morris Dabbah, who are based in the company’s New York City headquarters.

Located at 59 West 46th St. and 50-60 West 47th St., The Hotel @ Times Square is located on a block-through property improved by three distinct and interconnected buildings. The 213-key hotel property includes 14 stories, 100,678 s/f, and diamond district retail fronting on 47th St.

“We are very grateful to our client who entrusted us wholeheartedly to execute this highly sensitive transaction on a short fuse. This was a true team effort with all parties working around the clock to successfully close in three weeks despite the many moving pieces. Meridian was able to tap a proprietary lender relationship to find a solution that will allow the Sponsor to execute their business plan with the hotel going forward,” said Betesh. 

MORE FROM Brokerage

Residential real estate consultancy and brokerage firm Nancy Packes, Inc. rebrands as NPI

Manhattan, NY The NYC-based premier residential real estate consultancy and brokerage firm, Nancy Packes Inc., has rebranded as NPI. Helmed by Seth Rosner, most recently the firm’s managing partner and now president, the company has been intricately involved in hundreds of Tri-State new developments and conversions, spearheading the full project life cycle, from assessment/pre-dev.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The art of investing in real estate - by Thomas Donovan

The art of investing in real estate - by Thomas Donovan

Real estate investing is as much an art as it is a skill. No one can time the market, or the factors that drive it, perfectly. Location, zoning, size, transportation, and neighborhood density give you a baseline for
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.