NEW YORK CITY—A developer has lined up over $81 million in financing for a 260,000-square-foot hotel project in the white-hot Williamsburg section of Brooklyn, the Real Deal reports.
The $130 million development at 55 Wythe Ave., between North 12th and 13th streets, will hold 183 rooms as well as 40,000 square feet of offices and 20,000 square feet of retail. Plans also call for a 20,000-square-foot rooftop garden that will open to the public. The project will be known as Level House and the developer is Zelig Weiss.
Josh Zegen's Madison Realty Capital served as the sole lender. The financing includes a $63 million construction loan and an $18.3 million bridge loan that was used to acquire the site in May. Weiss paid $30 million for the site.
The project is now entirely financed, Zegen says. “This fully capitalizes the deal. Every dollar is spoken for.”
Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. represented Madison, while Joel Friedman of Nationwide Realty represented Weiss.
The first floor of the building is being constructed, says Zegen. The hotel will feature a futuristic design and is expected to open by early 2016.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
