Showket Ahamed Of Helmsley Spear Secures $9.5M Loan For Brooklyn Hotel
2416 Atlantic Ave, Brooklyn, NY, 11233
$9,500,000
Building Size
—
Asset Type
Hotel
Closing
Nov 22, 2023
About this deal
AI
The 49-room Kings Hotel located at 2416 Atlantic Ave, Brooklyn, NY, 11233 has secured a $9.5 million refinancing loan. The loan was provided by Crown Bank and features a 10-year fixed rate with a 25-year amortization schedule. The hotel boasts amenities such as a fitness center and conference rooms.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $9,500,000.00
- Market: Brooklyn
- Borrower's Rep: Showket Ahamed (Helmsley Spear)
- Lender: Crown Bank
Showket Ahamed of Helmsley Spear acted as the borrower's representative in securing the $9.5 million refinancing loan from Crown Bank for the Kings Hotel in Brooklyn, NY. Their expertise and negotiation skills played a vital role in finalizing the financing deal.
On the Map
$9,500,000
Hotel
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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
1.67%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93