NEW YORK CITY—A developer has lined up over $81 million in financing for a 260,000-square-foot hotel project in the white-hot Williamsburg section of Brooklyn, the Real Deal reports.
The $130 million development at 55 Wythe Ave., between North 12th and 13th streets, will hold 183 rooms as well as 40,000 square feet of offices and 20,000 square feet of retail. Plans also call for a 20,000-square-foot rooftop garden that will open to the public. The project will be known as Level House and the developer is Zelig Weiss.
Josh Zegen's Madison Realty Capital served as the sole lender. The financing includes a $63 million construction loan and an $18.3 million bridge loan that was used to acquire the site in May. Weiss paid $30 million for the site.
The project is now entirely financed, Zegen says. “This fully capitalizes the deal. Every dollar is spoken for.”
Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. represented Madison, while Joel Friedman of Nationwide Realty represented Weiss.
The first floor of the building is being constructed, says Zegen. The hotel will feature a futuristic design and is expected to open by early 2016.
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