Hyatt Place Project in Times Square Lands Financing

Eastern Consolidated has arranged a $120 million construction loan on behalf of McSam Hotel Group.

New York—Plans for the 520-key Hyatt Place Hotel in Manhattan move right along as Eastern Consolidated lands a $120 million construction financing package for the project on behalf of developer McSam Hotel Group.

Designed by Gene Kaufman Architect, Hyatt Place will stand 25 stories tall at 350 W. 39th St. in the Garment District. The financing Eastern Consolidated’s capital advisory division orchestrated for the 180,000-square-foot development consists of a $95 million first mortgage and $25 million of preferred equity secured through Bank of the Ozarks and Square Mile Capital Management LLC, respectively. The project has quite a few features that would turn the head of many lenders…

Hyatt Place Project in Times Square Lands Financing

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