Bank Leumi provided the debt
Joy Construction and Maddd Equities have secured a $45 million construction loan from Bank Leumi USA for their hotel project at 305 West 48th Street. Upon completion, the Hell’s Kitchen hotel will span roughly 60,000 square feet, and consist of 203 rooms.
Worth Noting: Madd and Joy are developing the property with Atlas Hospitality. The luxury boutique hotel is expected to open in around 18 months.
Heard on the Street: Joy Construction’s Eli Weiss told TRD: “It’s tough to get hotel construction financing, so it’s a good testament to the project and the whole team.”