The Real Deal New York

Brooklyn’s Pod Hotel gets $84M bridge loan from Ladder Capital

Deal was brokered by Maverick Commercial Properties
By Eddie Small | December 01, 2017 01:55PM

From left: Pod Hotel at 247 Metropolitan Avenue, Michael Barry and Scott Shnay

The developers of the recently-opened Pod Hotel in Williamsburg have received an $84 million bridge loan from Ladder Capital.

The loan to developers CBSK Ironstate—a partnership between CB Developers, SK Development Group and Ironstate Development—replaces a roughly $58 million construction loan on the project from Deutsche Bank. Maverick Commercial Properties brokered the deal, but the company was not available for comment. CBSK Ironstate and Ladder Capital did not immediately respond to requests for comment.

Pod Hotels are a budget hotel chain with one location in Washington D.C., three in Manhattan at 230 East 51st Street, 400 West 42nd Street and 145 East 39th Street, and one in Brooklyn at 247 Metropolitan Avenue. The Brooklyn location has 249 keys and just opened earlier this year.

CBSK Ironstate secured a financing package of $83 million for a Long Island City condo project at 21-30 44th Drive earlier this fall, and the state approved the company’s 74-unit condo project at 591 Third Avenue in Murray Hill at the beginning of the year.