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Posted: December 20, 2016
Troutbrook Co./Freud Builders complete $28.5 million refinance of 135-key hotel
Fairfield Inn, 181 3rd Avenue - Brooklyn, NYBrooklyn, NY Troutbrook Company/Freud Builders and Ladder Capital closed a $28.5 million refinancing deal for the 135 key Fairfield Inn, a Marriott branded hotel. The property, located at 181 3rd Ave. and open since 2011, is located in the Gowanus area. The 12-story midrise hotel is one of only several Marriott flag hotels presently open in the borough. The hotel lobby has 20 foot ceiling height and an art-inspired lobby that creates a boutique hospitality asset. The roof top event space offers views of downtown and lower Manhattan. The loan proceeds from the refinancing will afford additional capital to Troutbrook/Freud to embark upon its first major renovation of the property to continue to provide a unique hotel stay, in an increasingly competitive hotel marketplace.
Troutbrook is a NYC-based developer, builder and owner of residential, industrial, retail and hospitality properties.
Marc Freud, a principal of Troutbrook said, “We are excited about accelerating the design vision of the hotel to meet the experiential demands of the hotel guest. The property is already well positioned in the Gowanus area, a neighborhood that is seeing large investments in real estate and massive efforts by the US Environmental Protection Agency for significant cleanup of the neighboring Gowanus Canal. Troutbrook is also excited about the potential rezoning of the immediate area, and the possibility of developing an additional building on the hotel’s adjacent parking lot.”
Freud concluded by commenting that he hopes to replicate the business success of this hotel on several other projects Troutbrook is developing, in other destination cities, including several projects underway in Miami.
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