"Our team worked side by side with The Witkoff Group and its partners to provide a flexible financing solution that enabled them to quickly move forward with the transaction," said Marcos Alvarado, Senior Vice President at Starwood Capital Group. "Times Square is an iconic destination and we are excited to facilitate a transaction that will allow the redevelopment of a marquee property in the area."With 145,000 square feet of additional air rights, the redevelopment includes plans for ideal showroom retail space that may be occupied by one or more retailers and a platform to be built on top of the retail component capable of supporting a 31 story hotel tower and a new 120 foot tall, 22,000 square foot LED sign, which will be two times the size of all comparable new signs in the area and will provide substantial income to the property.
Starwood Property Trust And Starwood Capital Group Co-Originate $475 Million Loan
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