Dealmaker: Meridian Capital Group Arranges $45M for The Hotel @ Times Square

(The Hotel @ Times Square, New York)

Meridian Capital Group, New York, arranged $44.5 million in financing to refinance The Hotel @ Times Square, a 213-key hotel property.

Meridian Senior Managing Director Morris Betesh negotiated the transaction with Managing Directors Justin Boruchov and Tamir Kazaz and Vice President Morris Dabbah. All work in the company’s New York headquarters.

Located at 59 West 46th St. and 50-60 West 47th St., The Hotel @ Times Square is located on a block-through property improved by three distinct and interconnected buildings. The 14-story property totals 100,678 square feet and has Diamond District retail fronting on 47th Street.

Betesh noted the financing closed in just three weeks. Meridian tapped a proprietary lender relationship to secure the loan, which will allow the sponsor to execute its business plan.

Betesh and Meridian Senior Vice President Alex Bailkin also arranged $30.7 million in acquisition financing for The American, a multifamily mid-rise property in Morris Plains, N.J.

Shamah Properties LLC, Edison, N.J. acquired the 125-unit, four-story property located at 1000 The American Road in Morris Plains.