Meridian Capital Group arranged $44.5 million in financing to refinance The Hotel @ Times Square, a 213-key hotel property in Midtown Manhattan. The transaction was negotiated by Meridian senior managing director Morris Betesh, managing directors Justin Boruchov and Tamir Kazaz, and VP Morris Dabbah.
Located at 59 W. 46th St. and 50-60 W. 47th St., The Hotel @ Times Square is located on a block-through property improved by three distinct and interconnected buildings. The 213-key hotel property includes 14 stories, 100,678 square feet, and prime Diamond District retail fronting on 47th Street.
“We are very grateful to our client who entrusted us wholeheartedly to execute this highly sensitive transaction on a short fuse,” said Betesh. “This was a true team effort with all parties working around the clock to successfully close in three weeks despite the many moving pieces. Meridian was able to tap a proprietary lender relationship to find a solution that will allow the sponsor to execute their business plan with the hotel going forward.”