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Maefield recapitalizes 701 Seventh Avenue

Future site of a Marriott with retail

701 Seventh Avenue (Credit: Maefield Development)

Maefield Development has closed on the buyout of its partners at 701 Seventh Avenue AKA 20 Times Square. The deal valued the property at $1.53 billion, according to GlobeSt.

Financing Details: Natixis led a group of lenders who provided around $2 billion in acquisition financing and refinancing for the property,

Partners include: Witkoff Group + Winthrop Realty Trust + New Valley + Carlton Group

Dig Deeper: Upon completion, the Marriott Edition hotel will contain 452 rooms, plus 76,000 square feet of retail. The hotel is located at West 47th Street and is expected to open this spring.

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