Planned Times Square Hotel Scores $63M Financing

Law360, New York (March 26, 2015, 5:38 PM EDT) -- An OTO Development affiliate has scored $63.9 million in mortgage financing from Bank of America NA for Times Square site where it plans to build a new 20-story hotel, according to city documents filed on Wednesday.

OTO's Palmetto Hospitality of Manhattan III LC secured a $53 million loan and another $10.9 million project loan from BoFA, which is serving as the administrative agent, in a deal that was struck last month, but made public on Wednesday in a New York City Department of Finance filing. The project loan documents indicate that the hotel may be branded by Marriott International Inc....

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