Steve Bassin, left, and Juan Loumiet, right, shareholders with Greenberg Traurig, in Miami.

Two Greenberg Traurig attorneys piloted the $350 million financing deal for The Ritz-Carlton rising in Manhattan's NoMad neighborhood.

Flag Luxury Group LLC, a New York-based developer of high-end hotels, is building the 40-story hotel with 250 rooms and 16 residences on a 17,000-square-foot site at 1185 Broadway, roughly the northwest corner of Broadway and West 28th Street. NoMad refers to a neighborhood north of Madison Square Park.

Greenberg Traurig shareholders Juan Loumiet and Steve Bassin in Miami led the law firm's team representing Flag Luxury in closing the deal July 2.

The rest of the team comprises shareholders Chang Won Choi in Northern Virginia, Glenn Newman in New York, Brian Colborn in Delaware as well as associate Bryan Saul in Miami and of counsel Jill Strawbridge in New York.

The team also represented Flag Luxury in negotiating the hotel-management agreement with Marriott International Inc., which owns The Ritz-Carlton brand.

“Our client is the owner/developer who is going to build this hotel and Marriott International is going to bring all of the Ritz-Carlton people into the hotel, and they are going to manage it after (Flag Luxury) builds it,” Bassin said.

The financing breaks down to $250 million for construction and $65 million in equity investment.

Marriott International said in a July 24 media release that the entire project costs more than $500 million. That means the $350 million financing covers 70 percent of the total project investment.

Atalaya Capital Management, a New York-based firm that manages capital mainly for institutional investors, and CapitalSource, a Maryland-based commercial lender that's a division of Pacific Western Bank, both contributed to the construction loan. Atalaya put in a $65 million equity investment, Bassin said.

It “provided an investment through an equity participation in the project,” he said. ”Sort of like a partner.”

The NoMad neighborhood where the Ritz will rise is thriving with retail, bars and restaurants.

“Thanks to buzzing restaurants and bars, unique retail and notable architecture, NoMad has become one of Manhattan's most popular neighborhoods,” Tony Capuano, executive vice president and global chief development officer for Marriott International, said in part in a media release.

Bassin echoed that.

“It's a brand new … Ritz-Carlton in an up-and-coming area of Manhattan that's seen a lot of development,” he said.

Bassin has represented Flag Luxury since starting at Greenberg Traurig in 2005.

“I love working with these guys. … I think we have a very good understanding of each other and it generally helps to have that kind of history with the client. That way you know exactly what they care about and what they don't,” he said ”Given the history we have, it's a great working relationship between the two of us.”

The hotel, designed by Uruguayan architect Rafael Vinoly, will have a spa and fitness center, a restaurant, a club lounge, a rooftop bar and a public garden.

“The hotel and residences tower will have an ideal location and sophisticated design, complemented by the celebrated Ritz-Carlton service,” Dayssi Olarte de Kanavos, president of Flag Luxury, said in part in a news release.

Flag Luxury's other projects include I-Drive-360 in Orlando, which is 233,000 square feet of retail and dining all anchored by the Orlando Eye observation wheel; the I-Shops, which is 138,000 square feet of commercial and retail development on 20 acres also in Orlando; and the Harmon Corner Retail Complex, which is 110,000 square feet of retail on 2.2 acres in Las Vegas, according to Flag's website.

Flag Luxury has other Ritz-Carlton branded properties but they are in South Florida.

They include The Ritz-Carlton Golf Club & Spa in Jupiter that has an 18-hole Jack Nicklaus signature designed golf course, a Ritz-Carlton spa as well as residences, and The Ritz-Carlton South Beach, the 376-room hotel that opened in the former DiLido hotel building designed by prolific Miami Beach architect Morris Lapidus. The South Beach hotel is closed until 2019 following damage from Hurricane Irma, according to its website.

Weil, Gotshal & Manges partner Samuel Zylberberg in New York led the law firm's team in representing Atalaya.

Holland & Knight partner Joseph Guay in New York represented Marriott in the hotel-management agreement negotiations.