Goldman Sachs provides $90M loan to refinance hotel in Williamsburg

The debt will replace an $84 million bridge loan provided by Ladder Capital in 2017

TRD New York /
Aug.August 28, 2019 04:00 PM
247 Metropolitan Avenue in Williamsburg (Credit: The Pod Hotel)

247 Metropolitan Avenue in Williamsburg (Credit: The Pod Hotel)

Goldman Sachs issued an $88.4 million loan to refinance debt at Brooklyn’s Pod Hotel, The Real Deal has learned.

It is the third debt issuance to the 249-key budget hotel at 247 Metropolitan Avenue, which was developed by CBSK Ironstate — a partnership between CB Developers, SK Development Group and Ironstate Development. Lionheart Strategic Management, a debt vehicle owned by Fisher Brothers, provided a $10 million mezzanine portion, included in the debt.

The debt will replace an $84 million bridge loan provided by Ladder Capital in 2017. Deutsche Bank provided an initial $58 million construction loan to the project in 2015.

AKS Capital, led by Jonathan Schwartz, Adam Schwartz, Aaron Appel and Keith Kurland, and a JLL team, where they previously worked, represented the borrower. They declined to comment. Goldman Sachs and CBSK Ironstate did not immediately respond to a request for comment.

There are multiple Pod Hotels across New York, including three additional locations in Manhattan at 230 East 51st Street, 400 West 42nd Street and 145 East 39th Street, and another in Washington D.C.

CBSK Ironstate scooped up other projects across the city. Last year, the firm secured a $250 million debt and equity package to finance the redevelopment of 441 Ninth Avenue in Hell’s Kitchen, a 12 story building. The firm also took a $93 million loan to acquire a two-story Lexus dealership at 646 11th Avenue.

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