Lam Group Secures $42.5M Loan Modification And Extension For Aloft New York Brooklyn Hotel
216 Duffield Street
$42,500,000
$450/SF
Building Size
94,420 SF
Asset Type
Hotel
Closing
Oct 13, 2023
AI
The Lam Group, operating through nine individual entities, has secured a $42.5 million loan modification and extension with East West Bank for the Aloft New York Brooklyn hotel building at 216 Duffield Street in Downtown Brooklyn. The hotel has a total square footage of 94,420 and is located in the Downtown Brooklyn market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $42,500,000
- Address: 216 Duffield Street - Aloft New York Brooklyn
- Market: Downtown Brooklyn
- Lender: East West Bank
- Landlord: John Lam - Lam Group
The loan modification and extension deal was facilitated by John Lam, representing the Lam Group. This transaction allows the Lam Group to continue operating the Aloft New York Brooklyn hotel and further invest in the property.
Players
Brooklyn Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93