(Read more on the debt and equitymarkets.)
NEW YORK CITY-Atlanta-based Specialty Finance Group LLC, asubsidiary of the Bankers Bank, has closed a $62-millionconstruction/mini perm loan to fund the development of a newStaybridge Suites hotel to be built in New York City's Times Squaredistrict by 340-344 Realty LLC. Set to open in April 2009, the32-story extended stay hotel will feature 310 studio suites. Eachsuite includes a fully equipped kitchen and a separate living andwork space.
Harry Shah of Prime Time Capital & Management LLC, whoserved as financial advisor to 340-344 Realty LLC on the StaybridgeTimes Square project, tells GlobeSt.com that the total squarefootage of the hotel will be 132,000 sf. "The loan originatedbefore the credit crisis but SFG stood by their commitment andfunded the loan," Shah explains to GlobeSt.com.
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