Optimum Bank Provides $15.75M Refinance Loan For Bedford-Stuyvesant Hotel

The hotel property located at 1222 Atlantic Avenue in Bedford-Stuyvesant, Brooklyn, has recently undergone a refinancing transaction. The loan in the amount of $15,750,000 was provided by Optimum Bank. The landlord of the property is Abe Mendel. The brokers involved in the deal were Joshua Pollack and Dan Poleyeff from FM Capital.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $15,750,000

The hotel, with 102 rooms, is situated in Brooklyn, NY. The loan is a cash-out refinance with an out-of-state lender. It has a 30-year amortization period, with the first 12 months consisting of interest-only payments. The pre-payment penalty for the loan is 3, 2, 1.

For more information about this transaction, please contact Joshua Pollack at [email protected] or Dan Poleyeff at [email protected].