MCR Hotels and Island Capital have secured a $260M refi for the Sheraton Times Square, allowing the 1,780-key hotel on Seventh Avenue to exit forbearance.
Fortress Investment Group provided the $260M floating-rate loan, which matures in four years and refinances a $250M loan backed by the Sheraton Times Square.
JLL arranged the new financing after a forbearance agreement, originally set to expire on November 8, was extended.
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