Soho Properties signs $167M refi with OWS for Times Square hotel project

Soho Properties through the entity 560 Seventh Avenue Owner Primary LLC as borrower signed a refi loan with lender One William Street Capital Management through the entity OWS BCA Funding, LLC valued at $167 million for the hotel (H2) development project at 560 Seventh Avenue in Theater District/Times Square, Manhattan.
The deal closed on September 13, 2021 and was recorded on September 30, 2021.
(121192949) Plans for a 167-unit, 118,143 square-foot R-1 were filed on March 24, 2015 and were permitted on January 17, 2019.

The owner bought the property on April 3, 2014, for $62.3 million.
The signatory for Soho Properties was Sharif El-Gamal.

This loan is from OWS, a hedge fund, which  paid off a $135 million construction loan from Related Companies and added small additional land, building and project loans.

Within a 400-foot radius of 560 Seventh Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Benderson Development bought the 141,335-square-foot hotel (H2) on 220 West 41st Street for $89 million from Jed Manocherian on October 13, 2020.
Of those four items, three were loans above $5 million totaling $1.4 billion. The most recent of the three was L.H. Charney Associates which borrowed $241.0 million from Deutsche Bank secured by the 494,868-square-foot, one-unit office building (O4) on 1441 Broadway on September 13, 2021.

Direct link to Acris document. link