Related Fund Management, Angelo Gordon, and
Hana Bank lend $180 million for Times Square hotel.
Sharif El-Gamal’s Soho Properties has secured $270 million loan in construction financing for the Margaritaville hotel at 560 Seventh Avenue. The senior lenders on the deal were Related Fund Management and Angelo Gordon who provided $180 million, while Hana Bank supplied the mezz piece.
Plans: Upon completion, the Times Square hotel will span 170,000 SF, and consist of 234 rooms, plus a retail component. The project’s foundation was completed last month, according to TRD.
Flashback + History: Soho Properties partnered with MHP Properties to buy the site in 2014. At the time of the acquisition, they secured a $63 million loan from Colony Capital. After the JV defaulted on the debt in 2016, Eli Cohen bought the distressed note. The new construction loan from Related and Angelo Gordon allows El-Gamal to pay off Cohen’s debt in the project.