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Empire Capital Refinances McCarren Hotel In Brooklyn With $15.6M Loan

Property Image
FINANCED
$15,600,000

New York

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Hotel
Financed 02/26/2022
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Property Image
FINANCED

Empire Capital Refinances McCarren Hotel In Brooklyn With $15.6M Loan

156 North 12th Street, Brooklyn, New York 11249, United States

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Hotel
Financed 02/26/2022
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Summary

NEW YORK
Asset Type:Hotel
Transaction Type:Loan

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.

Players

Elliott Kunstlinger
10 deals$358.1M volume
BROKER

Thorofare Capital
LENDER


8 deals$673.1M volume
LANDLORD

Details

FINANCED
IMAGE: Elliott Kunstlinger, Josh Rahmani & Ebbi Khalili DATE: 02/26/2022 ADDRESS: 156 North 12th St. - McCarren Hotel MARKET: Brooklyn ASSET TYPE: Hotel ~ KEYS: 64 LENDER: Thorofare Capital - David Perlman LANDLORD: Empire Capital - Josh Rahmani & Ebbi Khalili BROKER: Elliott Kunstlinger - Meridian Capital Group LOAN AMOUNT: $15,600,000 LOAN TYPE: Refinance Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$15,600,000.00

Monthly NOI$104,000.00
Monthly Debt Service$98,602.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00