Showket Ahamed Of Helmsley Spear Secures $9.5M Loan For Brooklyn Hotel
FINANCED
$9,500,000
New York
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FINANCED
Showket Ahamed Of Helmsley Spear Secures $9.5M Loan For Brooklyn Hotel
2416 Atlantic Ave, Brooklyn, NY, 11233
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Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,500,000.00
Monthly NOI$63,333.33
Monthly Debt Service$60,046.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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