Qatari firm lands $290M loan for Times Square hotel

Mack Real Estate is the lender

New York /
Jul.July 20, 2018 01:34 PM

Tamim bin Hamad Al Thani and the Manhattan hotel at 790 7th Avenue (Credit: Wikipedia and Manhattan Hotel)

UPDATED, July 23, 2:47 p.m.: A company controlled by Qatar’s ruling family landed a $290 million loan for the 689-key Manhattan at Times Square hotel.

The firm, Al Rayyan Tourism Investment Company (ARTIC), is a subsidiary of Al Faisal Holdings, which is operated by the ruling Al Thani family. The company acquired a 97 percent stake in the building for $535 million in 2015. At the time of the purchase, the company was rumored to be eyeing a full demolition of the building to erect a 900,000-square-foot tower. The property continues to operate as a hotel.

The lender of the new loan is Mack Real Estate, property records show. The company assumed a $275 million mortgage provided by Goldman Sachs subsidiary Broad Street Credit Holdings from August 2017. The new financing also includes a $15 million gap mortgage. HFF‘s Christopher Peck, Danny Kaufman and Jeff Bucaro brokered the deal.

Manhattan at Times Square, which has addresses 790 Seventh Avenue and 1656 Broadway, is a 22-story, 462,000-square foot tower that occupies a full city block between West 51st and West 52nd streets. It was previously owned by a joint venture between Rockpoint Group, Highgate Hotel and Goldman Sachs.

Mack Real Estate has been actively lending across the five boroughs. Just over the past month, it was involved in $170.5 million in loan transactions for David Marx’s planned Marriott hotel at 450 11th Avenue and Ray Yadidi’s acquisition of the DKNY headquarters at 240 West 40th Street. It also provided financing for Cape Advisors‘ luxury residential project in Astoria and the Chetrit Group‘s Tillary hotel in Brooklyn.

Al Rayyan and Mack Real Estate did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
From left: Kerber’s Farm's Nick Voulgaris and Jamestown Properties' Michael Phillips along with 801-803 Greenwich Street (Getty Images, Jamestown Properties, LoopNet)
Long Island farmer turns his pitchfork on Jamestown
Long Island farmer turns his pitchfork on Jamestown
An illustration of the Night King from Game of Thrones (Getty, Night King courtesy of HBO via WarnerMedia)
Winter is coming: Landlords face brutal heating season
Winter is coming: Landlords face brutal heating season
53 Sonrise Place in Fellsmere, FL and Starwood Capital Group chairman Barry Sternlicht (Google Maps, Illustration by The Real Deal with Getty)
Starwood snaps up Florida affordable housing portfolio
Starwood snaps up Florida affordable housing portfolio
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
One Soho Square with Stellar Management’s Larry Gluck and Yotpo CEO Tomer Tagrin (LoopNet, Twitter, Gluck Family Foundation)
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
From left: Landlord Steve Croman and White Horse Tavern owner Eytan Sugarman along with the White Horse Tavern at 567 Hudson Street (Getty Images, Google Maps, Instagram/boyfromnewyorkcity)
Croman sues White Horse Tavern owner for $650K back rent
Croman sues White Horse Tavern owner for $650K back rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...