Scott Shnay Of CBSK Development Secures $76 Million Refinance Loan For Pod Hotel Brooklyn
247 Metropolitan Avenue
$76,000,000
$551/SF
Building Size
137,840 SF
Asset Type
Hotel
Closing
Dec 30, 2024
About this deal
AI
The asset involved in this transaction is the Pod Hotel Brooklyn, located at 247 Metropolitan Avenue in the Brooklyn market. The hotel features a total square footage of 137,840 and comprises 249 keys. The refinance loan amount secured for this property is $76,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $76,000,000
- Lender: Aaron Casden - JP Morgan, Joe Dyckman - Citigroup
- Landlord: Scott Shnay - CBSK Development
- Brokers: Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Jackson Irwin - Walker & Dunlop
- Loan Type: Refinance
This deal involved several key individuals and institutions. Aaron Casden from JP Morgan and Joe Dyckman from Citigroup served as lenders. The landlord of the property is Scott Shnay of CBSK Development. Multiple brokers played vital roles in this transaction, representing the parties involved through Walker & Dunlop.
On the Map
$76,000,000
$551/SF
Hotel
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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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93