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Arden Group Originates Mezz Loan on Times Square Margaritaville
Arden Group originated a two-year, $57-million mezzanine loan for the Margaritaville Resort Times Square, a 234-room resort hotel with extensive food and beverage facilities that opened in June. The loan facilitates the refinancing of the existing construction debt on the new hotel.
“The opportunity to invest in a brand new, fee simple interest, trophy quality resort in the heart of the ‘crossroads of the world’ made this a compelling deal for us to finance,” said Craig Spencer, Arden chairman and CEO. “Margaritaville Times Square is ideally positioned to capitalize on New York’s economic recovery. We maintain a strong conviction for the recovery of the city and will continue to invest there when compelling opportunities arise to support it when we can.”
The 170,000-square-foot Margaritaville Resort Times Square is a Midtown Manhattan “urban resort” that includes three food and beverage outlets in addition to its luxury hotel rooms.
Rendering courtesy of The McBride Company.
- ◦Financing
