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.