Stanford Hotels borrows $40M from Wells Fargo for new hotel in Times Square

Stanford Hotels, based in San Francisco, through the entity 41st Midtown LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $40.0 million for the 130-key hotel at 120 West 41st Street in Times Square. The deal closed on October 28, 2019 and was recorded on November 8, 2019.
The property contains a total of 68,470 square feet of built space.
The average loan per buildable square foot is $584.
Standford built the 130-key hotel, which received its initial temporary certificate of occupancy in 2016. The new debt reflects $11 million in an existing loan and a $29 million gap mortgage. The last time the property sold was November 10, 2011, when Stanford bought the site for $19,750,000 and acquired an additional $3.8 million in air rights.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 130 hotel units on December 29, 2016.

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