Two years after providing a $57M loan to the Margaritaville Resort Times Square, Arden Group is looking for more than its lost shaker of salt — it’s looking to force a sale of the property.
Arden Group, the mezzanine lender on the 170K SF hotel at 560 Seventh Ave., has initiated a UCC foreclosure on the Jimmy Buffett-branded resort, giving notice of a foreclosure auction set for July 10, The Real Deal reports. Sharif El-Gamal’s Soho Properties led the joint venture that developed the property, which defaulted on its payments in March, an unnamed source told TRD.
Arden’s November 2021 loan helped refinance the construction debt on the…