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Flintlock Construction & Atlas Hospitality Secure $120M Loan For Times Square Hotel
FINANCED
$120,000,000
New York
See Similar DealsHotel
Financed 07/12/2023
FINANCED
Flintlock Construction & Atlas Hospitality Secure $120M Loan For Times Square Hotel
711 Seventh Ave, New York, Ny 10036
See Similar DealsHotel
Financed 07/12/2023
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
Flintlock Construction and Atlas Hospitality, in a joint venture, have secured $120 million in construction financing for a 32-story voco-branded hotel in Times Square. The hotel, located at 711 Seventh Avenue, will consist of 401 keys and is set to be built on this prime property in the bustling Times Square market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $120,000,000
- Address: 711 Seventh Avenue
- Market: Times Square
- Keys: 401
Beach Point Capital Management provided the construction financing for this project, serving as the lender for Flintlock Construction and Atlas Hospitality. This funding will enable the joint venture to bring their vision of the voco-branded hotel to life in the heart of Times Square, catering to the high demand for accommodations in this iconic location.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$120,000,000.00
Monthly NOI$800,000.00
Monthly Debt Service$758,481.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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