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
Blackstone Group's Stephen Schwarzman, KKR's Henry Kravis and Apollo's Leon Black (Getty, Facebook, iStock)
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Northwind Group managing partner Ran Eliasaf and 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
One man, two companies, three bankruptcies
One man, three bankruptcies: Verrino Construction files for Chapter 7
One man, three bankruptcies: Verrino Construction files for Chapter 7
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
arrow_forward_ios

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

Loading...