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

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

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
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
The person behind the prank website is still anonymous. (Getty)
Phony website falsely claims REBNY cancels rent
Phony website falsely claims REBNY cancels rent
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
15 West 47th Street, 48 West 48th Street and 151 West 46th Street (Google Maps, Getty)
Here’s what tenants are paying at ELO’s Diamond District properties
Here’s what tenants are paying at ELO’s Diamond District properties
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

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

Loading...