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Landis Group lands Refi

Wells Fargo lends $200 million for the Pod Hotel at 400 West 42nd Street

577 Ninth Avenue (Credit: CoStar Group)
Pod Hotel at 400 West 42nd Street (A.K.A. 577 Ninth Avenue & 400 Times Square)
(Credit: CoStar Group)

The Landis Group has secured $200 million from Wells Fargo to refinance its Pod Hotel at 400 West 42nd Street, according to the Commercial Observer. The recently opened hotel contains 527 micro-units (less than 150 square feet each), 45 apartments, plus a retail component (25,000 SF).

Financing details: The deal consolidates a $79.1 million building loan and a $40.9 million project loan. It also adds $80 million in additional debt.

Heard on the Street: Richard Born’s BD Hotels managers and operates the property. He told CO: “There’s no difference with extended stay except our units are smaller, we are much more flexible and most of the extended-stay product out there is fairly plain vanilla. And we think we’re a little cooler.”

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