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NEW YORK CITY-Jones Lang LaSalle and Jones Lang LaSalle Hotels said Friday they had closed a $92.5-million senior loan on the 460-key Hilton Times Square. Sunstone Hotel Investors’ existing loan on the property was set to mature next month.

Matthew Comfort, SVP for real estate investment banking at JLL, says in a release the loan will be used to repay the existing $81-million debt, which carries an interest rate of 5.95%. The new 10-year fixed rate through Bank of America Merrill Lynch has an interest rate below 5%.

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