Ladder Capital Provides $31M Loan For Box House Hotel In Greenpoint, Brooklyn
FINANCED
$31,000,000
New York
See Similar DealsHotel15,000 SF
Financed 05/15/2019
FINANCED
Ladder Capital Provides $31M Loan For Box House Hotel In Greenpoint, Brooklyn
77 Box St, Brooklyn, NY 11222, USA
See Similar DealsHotel15,000 SF
Financed 05/15/2019
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$2,066
Total Square Footage:15,000 SF
Transaction Type:Loan
Located at 77 Box Street in Greenpoint, Brooklyn, the BoxHouseHotel has secured a $31,000,000 loan from Ladder Capital. This 10-year fixed-rate loan will provide the necessary funds for the hotel's operations and future growth. The property, owned by Joe Torres and Simon Whitley, is a prominent hotel in the Greenpoint market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $31,000,000
- Address: 77 Box Street, Greenpoint, Brooklyn
- Lender: Ladder Capital
- Landlord: Joe Torres and Simon Whitley
- Date: 05/15/2019
Cary Pollack and Judah Neuman from @Meridian.Capital.Group represented the parties involved in this hotel loan transaction, ensuring a smooth process for all parties. Their expertise and negotiation skills played a significant role in this successful deal.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$31,000,000.00
Monthly NOI$206,666.67
Monthly Debt Service$195,941.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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