Danie Spiegel And Yehuda Kotkes Of KS Group Secure $28 Million Loan For Hotel Conversion In Newark

The property asset involved in this transaction is a hotel located at 169 Clinton Street in the Newark market. The loan amount for this repositioning loan is $28,000,000. The project involves converting the old hotel into a homeless shelter for the city of Newark.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $28,000,000
• Landlord: Danie Spiegel & Yehuda Kotkes - KS Group; Natan Katz & Roy Shirit - Pride Investment Group
• Brokers: Shlomo Weissberg, Jeff Feldman, Judah Hammer & Shamir Seidman - CBRE
• Loan Type: Repositioning

The financing of this project was facilitated by CBRE's Private Client Group, led by Judah Hammer, Shamir Seidman, and Shlomo Weissberg. The sponsorship represents a collaboration that aims to address a community need by converting the property for supportive use.