Benmark Capital Provides $14.5M Refinance Loan For 157 Bed Hotel In Brooklyn
486 Liberty Avenue
$14,500,000
$402/SF
Building Size
36,000 SF
Asset Type
Hotel
Closing
Oct 1, 2024
AI
The asset involved in this transaction is a hotel located at 486 Liberty Avenue, Brooklyn. The facility comprises 36,000 square feet and contains 157 keys. The loan amount for this refinancing transaction is $14,500,000, with a specific focus on a homeless shelter refinance for the fully leased 157 bed facility.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $14,500,000
- Loan Type: Refinance
- Loan Terms: 12 month term on a homeless shelter refinance for a fully leased 157 bed facility.
- Lender: Benmark Capital - Marshall Dickson
- Landlord: David Krinsky
- Broker: Joe Moser
Benmark Capital, represented by Marshall Dickson, is one of the nation's premier private balance sheet lenders with offices in New York and South Florida. Joe Moser acted as the broker in this transaction, facilitating the loan refinance for the landlord, David Krinsky.
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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93