NEW YORK—Meridian Capital Group arranged $10 million in permanent financing on the Best Western Gregory Hotel located in Brooklyn.
The $10 million, 10-year CMBS loan was provided by Rialto Mortgage Finance, L.L.C. and features a fixed rate and interest-only payments for the first year. This transaction was negotiated by Meridian Managing Director Tal Bar-Or, Associate Beau Williams, and Vice President Judah Neuman, who are all based in the company’s New York City headquarters.
The historic three-story Best Western Gregory Hotel is located at 8315 4th Avenue in the Bay Ridge neighborhood of Brooklyn and contains 70 rooms and three meeting spaces. Guests of the hotel are in close proximity to numerous restaurants, bars, and boutique shops, as well as quick access to the R subway line. The hotel ownership team recently invested nearly $1 million to upgrade all 70 guest rooms. Renovations are also currently underway to upgrade the hotel lobby and meeting room spaces of the hotel.
“We are pleased to have worked with the talented hotel ownership team of this unique and well-located asset to negotiate the long-term refinance. The hotel ownership team has done an excellent job of managing the property and investing in upgrades, which allowed Meridian to tailor a financing solution in a short 30-day timeline,” said Bar-Or.