Lam Group lands $68M loan for Sheraton in Downtown Brooklyn

Hotel at 228 Duffield Street stands 25 stories tall with 321 rooms

New York /
Feb.February 28, 2018 04:20 PM

John Lam and the Brooklyn Sheraton

The Lam Group secured a $68 million refinancing of its Sheraton hotel in Downtown Brooklyn, property records show.

The loan package from U.S. Bank includes a gap mortgage of $4.8 million, and it takes over a previous loan from US Bank, according to Lam Group CEO John Lam. The bank had loaned it $70 million for the hotel in 2013.

The Sheraton at 228 Duffield Street stands 25 stories tall and has 321 rooms. The Lam Group has multiple other hotels in New York City and plans to open its 465-key Virgin Hotel in NoMad in January. The company received a $222 million loan for it in 2016 from the Shanghai Commercial Bank.

Manhattan’s hotel market recently showed signs of life after a lengthy freeze, with revenue per available room turning positive at the end of 2017 for the first time in two-and-a-half years, according to a PricewaterhouseCoopers report.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Acore Partner Warren de Haan. (Acore, Getty)
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raises $1B to provide rescue cash to hotels
 61 Bond Street in Brooklyn, iStar's Jay Sugarman and GFI's Allen Gross (Photos via Google Maps, iStar and Urban Land Institute)
GFI sells ground under Ace Hotel in Brooklyn for $45M
GFI sells ground under Ace Hotel in Brooklyn for $45M
AKA United Nations at 234 East 46th Street (Google Maps, iStock)
Bank forecloses on Prodigy’s AKA United Nations hotel building
Bank forecloses on Prodigy’s AKA United Nations hotel building
From left: 410 Tenth Avenue, 100 Park Avenue, a rendering of 230 East 20th Street, a rendering of 30 Morningside Drive, SL Green's Marc Holliday (Photos via Google Maps, Getty, Gramercy Square, 30 Morningside Drive/Illustration by Kevin Rebong for TRD) 
These were the largest Manhattan real estate loans in January
These were the largest Manhattan real estate loans in January
Ron Perelman with 27-33, 35 and 41 East 62nd Street (Getty; Google Maps)
Citi looks to sell $193M in defaulted loans on Ron Perelman’s buildings
Citi looks to sell $193M in defaulted loans on Ron Perelman’s buildings
Bank of America puts $10B toward affordable homeownership
Bank of America puts $10B toward affordable homeownership
Bank of America puts $10B toward affordable homeownership
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...