Tishman’s refi of Westin in Times Square grows to $312M

Natixis and Credit Suisse provided $255M for 45-story hotel’s leasehold

Dan Tishman and the Westin New York Times Square (Credit: Westin)
Dan Tishman and the Westin New York Times Square (Credit: Westin)

Tishman Realty has grown its refinancing of the Westin New York at Times Square to a total of $312 million.

The developer secured $57 million from Credit Suisse’s lending arm Column Financial for land beneath the 45-story hotel at 270 West 43rd Street last week, as The Real Deal recently reported. Then, on Thursday, Tishman obtained $255 million for the hotel’s leasehold from both Credit Suisse and Natixis, sources said. Representatives for Tishman and the two lenders did not immediately respond to requests for comment.

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Each loan carries a 10-year term with a fixed rate. The financing replaces previous debt from Wells Fargo and MetLife, records show.

JLL, which brokered the financing, declined to comment.

The Dan Tishman-led development and property-management firm built the 858-key, 690,000-square-foot hotel in the early 2000s and finished a $33 million renovation in 2015. The hotel is part of the E-Walk entertainment complex in Times Square, which also includes a Regal Cinemas. Tishman Realty oversees more than $4 billion in assets.