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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!