Muss Development closed on a $100 million loan for the 667-key New York Marriott at the Brooklyn Bridge in Downtown Brooklyn.
Muss recently completed a $45 million renovation on the 24-story hotel at 333 Adams Street.
Korean investment fund KTB Asset Management provided the financing, in its first foray into New York real estate funding at this scale, Real Estate Weekly reported. The financing replaces a previous $95 million loan from Wachovia Bank in 2006. The new mortgage is a five-year floating-rate loan.
The 212,087-square-foot Brooklyn Bridge Marriott is the borough’s largest hotel and opened in 1998. Muss tapped Kraus & Sawer for the building’s redesign, which included improvements to a 44,000-square-foot event and meeting space, guest rooms, lounge and front desk.
The real estate investment firm Talmage advised KTB on the investment and Talmage’s CEO said the Korean firm intends to continue to be active in New York.
A Cushman & Wakefield team represented Muss Development in the transaction. [REW] — Chava Gourarie