Motti Blau and Mendy Pfeifer of Eastern Union -- one of the country's leading commercial real estate finance firms – together closed eight hotel transactions valued at more than $100 million over the course of 2019. Mr. Blau serves as a director with the firm, and Mr. Pfeifer is a senior loan consultant. With mortgages for hospitality assets representing an overall capacity of 717 rooms, Mr. Blau and Mr. Pfeifer's significant volume in the hotel space this year complements their long-standing record of achievement in arranging financing for multi-family properties.
The eight hotel closings consisted of five refinancings and three acquisition loans with an overall value of $100.54 million.
The refinancings -- representing an overall subtotal of $76.45 million – included a 56-key hotel in Manhattan with a $14.2-million transaction, another Manhattan refinancing of a 38-key property for $10.5 million, a 125-key hotel in Brooklyn refinanced with $14 million, an 87-key hotel refinancing in Long Island City in the amount of $18 million, and another Long Island City hotel with 88 keys refinanced with $19.75 million.
