A $150 million loan is up for sale on the land beneath the beleaguered Times Square Edition, a luxury hotel and retail property once valued at more than $2 billion that faces foreclosure, Bloomberg News reported. The hotel and the underlying ground are owned separately by entities controlled by Maefield Development. The ground has $900 million in debt, including the $150 million junior loan that’s up for sale, according to loan documents. The mezzanine loan, with a 5.1% interest rate, is in the “fulcrum position” of the debt stack, according to a marketing presentation by Jones Lang LaSalle Inc. That means the lender could take control of the real estate if the borrower defaults on payments.
