Atlas Hospitality lands $40M loan for planned FiDi hotel tower

Bank of America provided the funding for the 128-key project

TRD New York /
Dec.December 11, 2018 07:00 PM

120-122 Water Street (Credit: Google Images)

Atlas Hospitality secured a $40 million construction loan for its planned 128-key hotel tower in the Financial District.

Bank of America provided the funding for the 26-story project at 120-122 Water Street, Atlas announced Tuesday. The development, called the Hotel Indigo, is scheduled to open in 2020.

Atlas, a real estate firm that acquires and develops hotels, is working on the project with Fortuna Realty Group, which will manage the hotel. The property will include a restaurant on the ground floor and a double-deck rooftop with indoor and outdoor space.

Fortuna previously landed a $65 million construction loan from M&T Bank in 2016 for its 176-key Hotel Hendricks at 25 West 38th Street by Bryant Park. The firm is also developing a 330-key hotel at 1150 Sixth Avenue.

Atlas’ other projects include a luxury boutique hotel at 305 West 48th Street and the Staybridge Hotel on West 40th Street.


Related Articles

arrow_forward_ios
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Ed Adler and Wendy Silverstein (Getty)

Wendy Silverstein, Ed Adler launch loan restructuring biz

Wendy Silverstein, Ed Adler launch loan restructuring biz
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
arrow_forward_ios

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

Loading...