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Flag Luxury lands financing to develop 1185 Broadway

Renderings of the proposed hotel
(Credit: Council on Tall Buildings and Urban Habitat)

Flag Luxury Properties has secured $315 million in construction financing from CapitalSource and Atalaya Capital for its Ritz-Carlton hotel at 1185 Broadway, the company announced.

Development Plans: Upon completion, the NoMad hotel will span 165,000 square feet, and contain 145 rooms.

Financing Details: The two firms joined forces to provide a $250 million construction loan, while Atalaya provided $65 million in preferred equity. The loan package replaces a $50 million acquisition loan that was provided in 2016.

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