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.
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.