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New York & Tri-State  + New York  + Hospitality  | 

$315M in Financing Secured for Development of Manhattan Ritz-Carlton

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Development