Gary Barnett Of Extell Development Secures $1.25 Billion Construction Loan For Times Square Hotel
740 8th Avenue
$1,250,000,000
Building Size
—
Asset Type
Hotel
Closing
Sep 15, 2026
About this deal
AI
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.
On the Map
$1,250,000,000
Hotel
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Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93