G4 Capital Partners Provides $77M Loan For Moxy Hotel Construction In South Williamsburg
353 Bedford Avenue, South Williamsburg, Brooklyn, NY, USA
$77,000,000
$24,444/SF
Building Size
3,150 SF
Asset Type
Hotel
Closing
Aug 5, 2020
About this deal
AI
An industrial property located at 353-361 Bedford Avenue in South Williamsburg, Brooklyn has been involved in a recent transaction. The property, which is a hotel, was the subject of a loan facility to fund the construction of a 216-key Moxy Hotel. The loan amount for this transaction was $77,000,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $77,000,000
- Lender: G4 Capital Partners - Jason Behfarin, Robyn Sorid, and Louis Silverman
- Landlord: Lightstone Group
- Broker: Ben Nevid and Drew Anderman - Meridian Capital Group
G4 Capital Partners, represented by Jason Behfarin, Robyn Sorid, and Louis Silverman, served as the lender in this transaction. The landlord of the property is the Lightstone Group. The deal was facilitated by brokers Ben Nevid and Drew Anderman from the Meridian Capital Group.
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