The Real Deal New York

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

Bank of America provided the funding for the 128-key project
By Eddie Small | December 11, 2018 07:00PM

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.