Gary Barnett Of Extell Development Secures $1.25 Billion Construction Loan For Times Square Hotel

The asset involved in this transaction is a hotel located at 740 8th Avenue in Times Square, Manhattan. The hotel encompasses 1,800 keys and is part of a larger development project known as The Torch, which consists of a 60-story hotel and retail tower.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $1,250,000,000
• Lender: J.P. Morgan Chase
• Landlord: Gary Barnett - Extell Development
• Loan Type: Construction
• Construction Loan Amount: $1,100,000,000
• Mezzanine Debt Amount: $150,000,000

The transaction involves key individuals and companies, specifically Gary Barnett, representing Extell Development, who secured the substantial construction financing needed to complete the project. J.P. Morgan Chase played a significant role as the leading lender in the construction loan arrangement.