The Real Deal New York

Maddd Equities, Joy Construction land construction loan for Hell’s Kitchen hotel

Financing comes from Bank Leumi USA
By Eddie Small | March 07, 2019 12:00PM

A rendering of 305 West 48th Street with Joy Construction’s Eli Weiss and Maddd Equities’ Jorge Madruga (Credit: Joy Construction and Getty Images)

Maddd Equities and Joy Construction have received a $45 million construction loan for their hotel project at 305 West 48th Street in Hell’s Kitchen, according to sources familiar with the deal.

The two companies are developing the luxury boutique hotel project with Atlas Hospitality. It will stand 27 stories tall with 203 rooms across roughly 60,000 square feet, and it should be open in roughly 18 months.

“It’s tough to get hotel construction financing, so it’s a good testament to the project and the whole team,” said Joy Construction’s Eli Weiss.

Gene Kaufman Architect is designing the building. Maddd inked a 99-year ground lease for the site in 2016 for $23.5 million.

Bank Leumi also gave Maddd and Joy a $45 million bridge loan last year to refinance their rental property at 445 West 35th Street in Hudson Yards. They received an $86 million refinancing package last year as well from KKR for their nearby property at 411 West 35th Street.