MCR Hotels, Island Capital Group, And JLL Secure $260M Refinance For Sheraton New York Times Square

The Sheraton New York Times Square, located at 811 7th Avenue in Midtown Manhattan, has undergone a successful refinancing transaction. MCR Hotels, Island Capital Group, and JLL's Hotels & Hospitality group announced the closure of a $260 million refinancing for the hotel. The property is a 1,780-key hotel, offering a prime location in Midtown Manhattan.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $260,000,000
• Address: 811 7th Avenue - Sheraton New York Times Square
• Market: Midtown Manhattan
• Keys: 1,780

The refinancing deal was facilitated by Fortress Investment Group, with Peter L. Briger serving as the lender. The landlords involved in the transaction are Tyler Morse from MCR Hotels and Andrew Farkas from Island Capital Group. The brokers representing the deal were Kevin Davis, Mark Fisher, and Russell Freed from JLL. The loan is a four-year, floating-rate loan, providing the necessary financing for the Sheraton New York Times Square.