From TheRealDeal.com: “Happy Hour: Sharif El-Gamal secures $270M in financing for Margaritaville site”
Sharif El-Gamal has finally landed a construction loan for his Margaritaville hotel development in Times Square. The financing allows him to pay the investor who held the distressed note and complete construction of the ambitious project.
“On Friday, through the blessing of God, we got a $270 million loan,” said El-Gamal. “It’s a real case study in the intricacies of high-stakes real estate in New York.”
The loan is backed by senior lenders Related Fund Management (the debt arm of Related Companies) and investment bank Angelo Gordon, as well as mezzanine lender, South Korea-based Hana Bank. Related and Angelo Gordon did not immediately respond to a request for comment, but a source said the senior lenders provided $180 million in debt.
The project, a 234-key, 170,000-square-foot Margaritaville hotel at 560 Seventh Avenue, is expected to open at the end of 2020, and will top out at 30 stories. Musician Jimmy Buffett’s hotel chain agreed to sign on as building manager in April, and is also leasing the retail space.