Developer McSam Hotel Group recently secured a $35 million loan to complete a Marriott SpringHill Hotel currently under construction in Times Square, Manhattan in New York City. Located at 223 West 46th Street between Seventh and Eighth Avenues, the 200-key hotel is designed by Gene Kaufman Architects and will comprise of 70,000 square feet. The package was provided by the State Bank of Texas and includes a $20 million gap mortgage plus a $15 million consolidation of two previous loans provided by Silver Point Finance. Construction broke ground in 2020, topped out at 20 stories one year later, then slowed down at the height of the pandemic. The project team has not confirmed an opening date for the hotel however construction is in the final phases.
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