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$62M Loan Closes for Hotel Build

NEW YORK CITY-The construction/mini perm loan will fund the development of a new Staybridge Suites hotel to be built in Times Square by 340-344 Realty LLC.

By Natalie Dolce | Updated on September 13, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-Atlanta-based Specialty Finance Group LLC, a subsidiary of the Bankers Bank, has closed a $62-million construction/mini perm loan to fund the development of a new Staybridge Suites hotel to be built in New York City’s Times Square district by 340-344 Realty LLC. Set to open in April 2009, the 32-story extended stay hotel will feature 310 studio suites. Each suite includes a fully equipped kitchen and a separate living and work space.

Harry Shah of Prime Time Capital & Management LLC, who served as financial advisor to 340-344 Realty LLC on the Staybridge Times Square project, tells GlobeSt.com that the total square footage of the hotel will be 132,000 sf. “The loan originated before the credit crisis but SFG stood by their commitment and funded the loan,” Shah explains to GlobeSt.com.

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