Empire Capital Refinances McCarren Hotel In Brooklyn With $15.6M Loan
156 North 12th Street, Brooklyn, New York 11249, United States
$15,600,000
Building Size
—
Asset Type
Hotel
Closing
Feb 25, 2022
About this deal
AI
Located at 156 North 12th St. in Brooklyn, the McCarren Hotel is a 64-key hotel that recently underwent a loan refinancing transaction. The deal, which took place on February 26, 2022, involved a loan amount of $15,600,000. The lender in this transaction was Thorofare Capital, represented by David Perlman. Empire Capital, led by Josh Rahmani and Ebbi Khalili, acted as the landlord. Elliott Kunstlinger from Meridian Capital Group served as the broker.
Summary of transaction details:
- Property Type: Hotel
- Loan Amount: $15,600,000
- Market: Brooklyn
- Lender: Thorofare Capital - David Perlman
- Landlord: Empire Capital - Josh Rahmani & Ebbi Khalili
- Broker: Elliott Kunstlinger - Meridian Capital Group
The loan refinancing deal for the McCarren Hotel was facilitated by Thorofare Capital, represented by David Perlman. The landlord, Empire Capital, was represented by Josh Rahmani and Ebbi Khalili. Elliott Kunstlinger of Meridian Capital Group served as the broker in this transaction.
On the Map
$15,600,000
Hotel
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Players
New York Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93