Financing Propels $180M Manhattan Hotel Project Forward
- Feb 19, 2008
With a $39.1 million loan in hand, EB Developers has taken a big step in the development of a 242-room hotel near Ground Zero in New York City. The project will cost an estimated $180 million to complete. Acting on behalf of EBD, Multi Capital Group orchestrated the loan, which is being utilized to fund pre-construction costs, as well as the acquisition of the land. EBD purchased the parcel, totaling less than one-fifth of an acre at 133 Greenwich St., for $45 million last year from the Cooper Group. In addition to the upscale guestrooms, the 33-story hotel will feature a restaurant on the 32nd floor, a fitness facility, and meeting space. A ground breaking on the development is on target to take place this summer. Despite the challenges presented by the credit crunch, MCG was able to secure financing without a great deal of difficulty. “It was the strong sponsorship that helped facilitate the loan,” an MCG representative told CPN today. “A less experienced developer probably would not have been able to get as attractive financing.” Further testifying to EBD’s reputation in the market, MCG also recently arranged a financing package for the company’s project in South Florida. Headquartered in Boca Raton, EB Developers is a real estate development firm with a portfolio of completed and in-progress projects in Florida valued in excess of $3 billion.