SFG closes $62 million

Specialty Finance Group, LLC a subsidiary of The Bankers Bank, has closed a $62 million construction/mini perm loan to fund the development of a new Staybridge Suites hotel to be built in New York's Times Sq. district by 340-344 Realty LLC. Set to open in April of 2009, the 32-story extended stay hotel will feature 310 studio suites. The ground floor features the hotel's main entrance and includes the hotel's restaurant, bar and business center. The hotel's cellar level houses a 1,000 s/f meeting room, a library, a home theatre, and an exercise room. Floors 2 through 32 will contain 10 guest units each, 8 king studios and 2 double/double studios.

Tags: Brokerage

Reprint

Previous Story Next Story

Brennan Investment Group closes strategic 22-building industrial portfolio

Moorestown, NJ Brennan Investment Group (Brennan) completed the recapitalization of two portfolios containing 22 buildings and totaling 1,176,122 s/f in Moorestown, and Nashville. Notably, the transaction marks Brennan’s third

NAI Long Island achieves 100% occupancy at two Suffolk County office assets

Highcap Group sells parking lot across Queens County Court House

Adler of Rand Commercial brokers $9.5 million sale of Yonkers development site

Adler of Rand Comm'l. brokers $9.5m sale of Yonkers dev. site

After the lease is signed: What New York City’s office moves reveal about the changing workplace - by Maya Z.

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

IREON Insights: Beyond the virtual assistant: How real estate firms are building stronger teams offshore

Columns and Thought Leadership

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,