UPDATED, July 8, 11:58 a.m.: David Moinian’s Moin Development and Sam Nazarian’s SBE acquired a $109 million loan from Fortress Investment Group to complete the development of an SLS Hotel in Midtown.
The funds will be used to recapitalize and restructure existing debt, according to the New York Observer.
The developers purchased the 14-story office building, at 444 Park Avenue South, in August 2011 for $45 million and are completing a $150 million renovation that includes a six-story addition. The hotel will include three bars and a restaurant and is slated to open in spring 2016.
HKS Capital Partners’ Ayush Kapahi and Gabrielle Simon brokered the deal for the developers.