Extell Development borrows $225M from Bank of America for hotel construction in Times Square

Gary Barnett’s Extell Development through the entity EXG 159W48 LLC as borrower signed a loan agreement with lender Bank of America valued at $225 million for 2 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 159 West 48th Street and 151 West 48th Street in Times Square. The deal closed on January 16, 2020 and was recorded on February 3, 2020.
Extell is building a Hard Rock Cafe hotel. The foundation is built and the city issued permits last year for the building’s construction.
The loan is composed of a $173.5 million building loan, a $37.3 million project loan and a $14.2 million senior loan. The land is owned by Solil Management, which operates the estate of Sol Goldman. Solil leased the land to Extell. The $14.2 million senior loan was originally provided by Hard Rock Cafe International, and was assigned to Bank of America.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 216,722 square feet. Those plans include a total of 446 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link