McSam Hotel Group recently secured a $35 million loan to complete a Marriott SpringHill Hotel currently under construction in Times Square, Manhattan. Located at 223 West 46th Street between Seventh and Eighth Avenues, the 200-key hotel is designed by Gene Kaufman Architects and will comprise around 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.
The façade of the building is a welcomed departure from initial renderings that depicted silver-toned cladding and a final height of 34 stories. Instead, the building now features a sandy gray enclosure, a simple punched window system, and floor-to-ceiling glass on the ground floor.
Construction broke ground in 2020, topped out at 20 stories one year later, then slowed down at the height of the pandemic. While the project team has not confirmed an anticipated opening date for the hotel, construction appears to be in its final phases.