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Cronheim Hotel Capital (“CHC”) has secured a $41,000,000 permanent loan on behalf of The Lam Group to refinance the existing debt on the 175-room Aloft New York Brooklyn Hotel.
Beau Williams, Senior Managing Director of CHC, noted: "It's remarkable to witness New York City's resurgence post-COVID, especially considering the sluggish start in '21 and '22. Over the past 12-18 months, both business and leisure travel have seen a dramatic improvement. Taking advantage of this revitalization, we secured highly favorable terms with a great bank."
The Aloft New York Brooklyn is conveniently located in downtown Brooklyn next to the Metro-Tech and in proximity to favored neighborhoods such as Fort Greene, Dumbo, and Brooklyn Heights.
Cronheim Hotel Capital
Cronheim Hotel Capital and its affiliate, Cronheim Mortgage, provide debt and equity for a wide array of commercial real estate. The principals of CHC have seven decades of combined experience in commercial real estate capital markets and have completed over $9 Billion of capital transactions. Widely recognized as authorities in the hospitality finance space, they bring unique capital relationships that result in financing options not otherwise available in the market. Primarily, the CHC team is committed to understanding and advancing client needs and exceeding expectations of service and insight. CHC has closed numerous hotel financings from a broad range of capital sources, including its insurance company correspondents, for whom they service a portfolio in excess of $2.0 billion.
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