Tribeca Associates gets $61M construction loan for FiDi hotel project

Developer filed plans for 26-story Fulton Street building last year

TRD New York /
May.May 26, 2016 01:01 PM

Tribeca Associates sealed $61 million in construction financing from the Bank of the Ozarks for its proposed 26-story hotel at 143 Fulton Street in the Financial District.

The development firm closed on a $46.6 million building loan and a $14.4 million project loan from the Little Rock, Ark.-based lender on April 28, according to property records filed with the city Thursday.

The funds will go toward Tribeca Associates’ planned 228-room hotel development, which is slated to span 88,000 square feet and hold retail space on its first and second floors, as The Real Deal reported last year.

The city’s Department of Buildings approved Tribeca’s plans for the SLCE Architects-designed building in March.

Tribeca Associates – led by Bill Brodsky, Elliott Ingerman and Mark Gordon – acquired the ground lease on 143 Fulton Street, also known as 26 Ann Street, for $54.1 million in 2014, records show. The site previously held a three-story commercial building.

Neither Tribeca nor Bank of the Ozarks could immediately be reached for comment.

Tribeca recently secured a $96.2 million loan from M&T Bank to finance its $130 million leasehold acquisition of 30 Broad Street, a 47-story office tower also located in the Financial District.

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