The Real Deal New York

Zelig Weiss gets $81M loan for Level Hotel project

Zegen’s Madison Realty serves as lender for 260K sf Williamsburg commercial building

December 22, 2014 01:40PM
By Mark Maurer

55-wythe

Rendering of 55 Wythe Avenue in Williamsburg (Credit: Albo Liberis) (Inset: Josh Zegen)

Developer Zelig Weiss secured more than $81 million in financing for the 260,000-square-foot Level Hotel project slated for Williamsburg, The Real Deal has learned.

The $130 million development at 55 Wythe Avenue, between North 12th and 13th streets, will hold 183 hotel 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 open to the public.

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.

The loans were finalized earlier this month. Weiss paid $30 million for the site, as previously reported.

The project is now entirely financed, Zegen told TRD.

“This fully capitalizes the deal,” Zegen said. “Every dollar is spoken for.”

Andy Nemeroff and Michael Nemeroff of Imperial Capital Company represented Madison, while Joel Friedman of Nationwide Realty represented Weiss. 

The first floor of the building is in the process of being constructed, Zegen said. The hotel is expected to open by early 2016, he said. Architects Yohay Albo and Nicholas Liberis are behind the futuristic design.

 

  • Yacoub

    Common. Be real. Josh Zegan and Brian were so broke in 2009 that they were answering phones.

    • Hanz Bregman

      Maybe because they thought MONEY was calling them

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