Banco Inbursa Lends $220M on Gary Barnett’s Planned Manhattan Hotel

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Gary Barnett’s Extell Development has landed $220 million of construction financing for its planned 31-story hotel in Midtown Manhattan near Rockefeller Center, property records show.

Banco Inbursa supplied the loan on Extetell’s 534-key hotel project at 32 West 48th Street.  

SEE ALSO: Blackstone Lands $429M CMBS Refi for Hotel Portfolio 

PincusCo first reported the transaction.

Foundation work for the massive hotel in Manhattan’s Diamond District commenced in late 2022, according to New York YIMBY. The project had previously been held up by a more than three-year legal dispute related to Elo Organization, owner of the adjacent building, refusing Extell’s requests for installing new safety precautions, The Real Deal reported in August 2022. 

Officials at Banco Inbursa and Extell Development did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com