July 18, 2018
Atalaya Capital Management closed a $250 million senior construction loan and a $65 million preferred equity investment to finance construction and development of Flag Luxury Group’s The Ritz-Carlton flagship hotel in New York City. It will be the first ground-up hotel construction in New York City completed by Flag, which has developed numerous world-class hotels and resorts, including four Ritz-Carlton properties in Florida.
The development is expected to be complete in late 2021, and is being constructed by Lend Lease. The property is located at 28th Street and Broadway, in Manhattan’s vibrant NoMad neighborhood. The Ritz-Carlton will stand more than 550 feet tall, with a total of 266-keys, including 16 branded residences, 6,000 square feet of meeting space, and a world-class food and beverage program.
Atalaya also partnered with CapitalSource for the construction loan component of the transaction.
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