REBusinessOnline

HILTON TIMES SQUARE RECEIVES $92.5 MILLION REFINANCING

NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a $92.5 million loan for the refinancing of the Hilton Times Square in New York City. The hotel comprises floors 21 through 45 of the building, which is located in the heart of Times Square. The loan carries a 10-year term and a fixed interest rate below 5 percent. The lender was Bank of America Merrill Lynch. The borrower, Sunstone Hotel Investors, plans to use the proceeds to retire the hotel's current $81 million loan, which carried a 5.95 percent interest rate and would have came to term in December. Mathew Comfort of JLL's Real Estate Investment Banking division and Jeffrey Davis of JLL Hotels secured the financing.

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