Spring Bank Provides $10 Million Refinance Loan For Hotel At 437 Union Avenue Brooklyn
437 Union Avenue
$10,000,000
Building Size
—
Asset Type
Hotel
Closing
Feb 17, 2026
About this deal
AI
The property involved in this transaction is a hotel located at 437 Union Avenue in Brooklyn. The asset has secured a refinance loan amounting to $10,000,000. Currently, the property is occupied by the City of New York under an emergency housing program.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $10,000,000
- Lender: Spring Bank
- Broker: Anudeep Gosal - Besen Partners
- Loan Type: Refinance
Anudeep Gosal represents the broker's role in the transaction through Besen Partners. Besen Hotel Advisory Group offers specialized services in capital markets, investment sales, and strategic advisory within the hospitality sector, with notable expertise in New York City hotel transactions. The team focuses on financing government-backed contracts and special situation assets.
On the Map
$10,000,000
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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93