ThirtyFourth Capital secured an $80 million loan for The Gehr Group to refinance the existing note on the 244-room Fairfield New York Manhattan Times Square Hotel.
Beau Williams, managing partner, and Drew Gilligan, director, ThirtyFourth Capital, arranged the loan.
“Times Square real estate speaks for itself, but the operational expertise of our sponsor needs to be highlighted and credited on this transaction as well,” said Williams. “[There was] great execution from start to finish with a wonderful sponsor and a first-class lender.
“The strengths of the lender’s economics were undeniable, amid an ever shifting economic and political landscape in NYC,” said Gilligan. “We were able to deliver a great non-recourse, fixed rate deal that fit well with the sponsors strategy. Congratulations to all involved.
