Cronheim Hotel Capital (CHC) has secured a permanent loan on behalf of The Lam Group to refinance the existing note on the 321-room Sheraton Brooklyn New York Hotel.
The fixed-rate, nonrecourse loan was executed with Deutsche Bank.
“It’s always a pleasure to work with my friends at Lam, specifically Rich Tang and Hung Luk,” said Beau Williams, senior managing director, CHC. “It was a necessity to take advantage of the hotel’s stellar performance and achieve the best mix of rate, structure and proceeds within a fixed-rate loan. Ultimately, we received a tremendous offer from Deutsche Bank that we couldn’t pass up, and a very big thanks to PJ DiConza of Deutsche. who was instrumental in achieving that for us. It’s also a testament to the capital markets environment entering into the new year with positive momentum. We really hope and believe it will continue to improve and look forward to doing more deals with our friends at Deutsche Bank and Lam Group.”
The hotel is located in downtown Brooklyn next to the Metro-Tech and close to neighborhoods such as Fort Greene, Dumbo and Brooklyn Heights.
