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L&L Holding raises $780 million for 1568 Broadway

Investors include SoftBank

Rendering of 1568 Broadway (Credit: TSX Broadway)

L&L Holding, Fortress Investment Group, and Maefield Development have raised more than $780 million in new equity for their Times Square hotel and entertainment project at 1568 Broadway, according to Bloomberg. Upon completion, it will feature a 669-key hotel, LED signage (18,000 SF), a retail component (75,000 SF), and the restoration of the Palace Theater.

Investors: Clients of UBS provided $400 million, while SoftBank Group pumped in $200 million. David Levinson, Rob Lapidus, Peter Briger, and Dean Dakolias also personally invested in the deal, valuing the project north of $2 billion. The developers are projecting it will be worth $4.2 billion by 2023.

Construction financing: The developers secured a $1.13 billion construction loan from Goldman Sachs… Construction is set to commence in January.

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