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NEW YORK CITY-Construction financing is a challenge to obtain these days, particularly in the lodging sector, but at least one new Midtown project has got that all figured out. Brack Capital Real Estate, which recently partnered with James Hotels for a Soho property, is providing $50 million in equity toward a 78,000-square-foot hostelry to be built on West 50th Street. There will no debt employed to move the project forward.

Brack’s CEO, Issac Hera, said in a release Friday that his company has entered into a 99-year ground lease along with an unnamed European hotel partner to build on what is currently the site of a multi-story parking facility at 218-222 W. 50th St., a few blocks north of Times Square between Broadway and Eighth Avenue. Sidney Rosenthal of Grubb & Ellis represented both the buyer and the seller in the 218-222 W. 50th deal; the price was not disclosed.

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