Gary Barnett's Extell Development Secures $220M Construction Loan For Midtown Hotel | 32 West 48th Street | Hotel | Loan

Summary

Loan

NEW YORK

Hotel

A 31-story, 534-key hotel located at 32 West 48th Street in Midtown Manhattan, near Rockefeller Center, has secured $220 million in construction financing from Banco Inbursa. The hotel is owned by Gary Barnett of Extell Development.

Summary of transaction details:

Property Type: Hotel
Transaction Amount: $220,000,000
Address: 32 West 48th Street
Market: Midtown Manhattan
Lender: Banco Inbursa
Landlord: Gary Barnett - Extell Development
Loan Type: Construction

Extell Development, led by Gary Barnett, successfully secures $220 million in construction financing from Banco Inbursa for the development of a 534-key hotel in Midtown Manhattan, showcasing the commitment of prominent individuals and institutions in shaping the city's hospitality landscape.

Details

Deal Summary

FINANCED

IMAGE: Gary Barnett DATE: 12/27/2023 ADDRESS: 32 West 48th Street MARKET: Midtown Manhattan ASSET TYPE: Hotel ~ KEYS: 534 LENDER: Banco Inbursa LANDLORD: Gary Barnett - Extell Development (@Extell) LOAN AMOUNT: $220,000,000 LOAN TYPE: Construction NOTE: Extell Development, led by Gary Barnett, secures $220 million in construction financing from Banco Inbursa for its 31-story, 534-key hotel near Rockefeller Center in Midtown Manhattan. -ExtellDevelopment

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Address32 West 48th Street

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