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Brokerage
Posted: February 27, 2024
Cronheim Hotel Capital secures loan
to refinance Sheraton Brooklyn
Brooklyn, NY 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, non-recourse, loan was executed with Deutsche Bank.
Beau Williams, senior managing director of CHC, said, “It’s always a pleasure to work with my friends at Lam specifically Rich Tang and Hung Luk. 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 D.B. 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 DB and Lam Group.”
The Sheraton Brooklyn is located next to the Metro-Tech and in proximity to neighborhoods such as Fort Greene, Dumbo, and Brooklyn Heights.
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