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Luxe Brooklyn Hotel Secures Construction Loan

NEW YORK CITY—The 194-room property, which sits on the waterfront, is a project of Starwood Capital.

pierhouse hotel The 1 Hotel Brooklyn Bridge, on the Brooklyn waterfront, will be the third property in Starwood’s 1 Hotel brand.

NEW YORK CITY—Capital One has provided an $80 million construction/mini-perm loan for the soon-to-be-completed 194-key 1 Hotel on the Brooklyn waterfront, which initially was part of a larger financing package that included a 107-unit recently completed condominium building.

Capital One previously provided a $160 million loan to finance the project’s initial construction to the borrower—a joint venture of the Starwood Capital Group and Toll Brothers. SVP Paul Verdi in Capital One’s commercial real estate group originated the new transaction.

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Rayna Katz

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.

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