The Chetrit Group is $170 million closer to finishing its hotel at 255 West 34th Street.
The developer closed Thursday on a $170 million construction loan for the hotel and retail project, with the senior portion of the money coming from Bank of the Ozarks, according to the Commercial Observer. Melody Capital Partners and Arbor Commercial Mortgage provided funding on the mezzanine portion of the capital stack.
The Chetrit Group filed plans for a 33-story hotel with 300 rooms on its West 34th Street property in April 2016, as The Real Deal previously reported. The project would also include retail at the cellar level and at the first and second floors, and hotel amenities would include a fitness room, a restaurant and lounge, and an outdoor pool and pool bar.
Chetrit initially partnered with Cornell Realty Management in 2015 to purchase 251-255 West 34th Street for about $61 million, but the companies have since dissolved their partnership and split up the land. [CO] – Eddie Small