New York Marriott at The Brooklyn Bridge Hotel[3] The New York Marriott at The Brooklyn Bridge, which features 667 rooms, is owned by Muss Development.
NEW YORK CITY—Muss Development has secured a  $100 million loan for the New  York  Marriott  at  The  Brooklyn Bridge following a redevelopment of the property.

Located in Downtown Brooklyn, the 667-room hotel is owned by Muss, one of the city’s largest privately owned development companies with over 100 years of development experience.

The five-year, floating-rate loan was issued by KTB Asset Management, a Korean real estate fund manager. KTB and its  facility  agent,  Shinhan  Bank—with  the  help  of  Talmage as  their  US advisor and ongoing servicer—won the mandate in a competitive bidding  process.  KTB will manage the loan in a fund on behalf of multiple Korean institutional investors. Cushman & Wakefield Global Hospitality represented Muss Development in the financing.

“We  are  delighted  to  have  worked  with  KTB  in  completing  this  historic  transaction  for Korean  investors,” says Edward  L.  Shugrue  III,  CEO  of  Talmage. “Korean investors have been very active in US mezzanine debt. This is one of the first transactions in which Korean investors have originated a whole loan directly  in New York. With attractive rates  and  increasing  track  record  of  transactions,  we  expect  KTB  to  be  an  active  player  in providing real estate debt capital in the US.”

Renovations at the New York Marriott at The Brooklyn Bridge included The Bar, in the Greatroom Lobby,  the front  desk,  exclusive  M  Club  Lounge,  more  than  44,000  square  feet  of  event  and meeting  space,  and guest  rooms, many of which offer views of Manhattan and the Brooklyn Bridge.

Located at 333 Adams St., the  New York Marriott at the  Brooklyn  Bridge  is  adjacent  to  MetroTech  Center,  Brooklyn  Heights,  DUMBO  and Cobble  Hill.  The  hotel  is  within  a  block  of  all  subway  lines  and  close  to  all  three  NYC Airports. It is also  within  a  15  minute  walk  to  Barclays  Center,  the  Brooklyn  Academy  of Music and the Brooklyn Bridge Park.