Argent borrows from H&R REIT to buy $195M note on Vornado Times Square hotel

Argent Ventures borrowed an undisclosed amount from Toronto-based H&R REIT to buy a $195 million note on Vornado Realty Trust’s Times Square hotel at 1605 Broadway.

The deal closed on December 23, 2020 and was recorded on January 14, 2021.
The property contains a total of 843,131 square feet of built space.

Argent borrowed an undisclosed amount from H&R REIT and collaterally assigned it an interest in the notes.  This is an assignment of the senior loan on Vornado Realty Trust’s 795-room Crowne Plaza Times Square. Andrew Penson’s Argent bought debt with a face value of $195 million, as The Real Deal first reported. Argent paid approximately $90 million.  Eastdil Secured marketed the loan.
Over the past five years, there have been 42 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $4,209,732. There were 40 renovation/alteration projects (A2) applied for with a total estimated value of $8,712,250.

Direct link to Acris document. link

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