Bank of the Ozarks has provided $61 million in financing on a 88,447 sq ft hotel development project in the Financial District in Manhattan.
The bank provided the loan to New York-based developer Tribeca Associates, who purchased the property at 143 Fulton Street from the Edward A. Friedman Realty Company in April 2015, city property records show.
Tribeca Associates filed a permit to develop a 26-story hotel on the 143 Fulton Street location in July 2015, and the construction on the project is reportedly expected to be complete by 2018. SLCE Architects is designing the hotel.
Earlier this year, Bank of the Ozarks and Terra Capital Partners provided $84 million in financing for the construction of a residential condominium building at the nearby 30 Warren Street in Manhattan. This February, the bank provided a $73.2 million construction loan to Encore Capital Management and Congress Group Ventures on the Landmark South mixed-use development project in Miami, Florida. The bank has $11.43 billion in total assets as of March 31, 2016, according to its website.
Tribeca Associates specializes in the acquisition and development of hospitality, residential and commercial assets in Manhattan. Since its founding in 2000, the firm has completed more than $2 billion in transactions. The lender and borrower did not return calls seeking comment.