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$15,600,000 Bridge Loan
Williamsburg (Brooklyn), NY | February 2022
Thorofare Capital has closed a $15,600,000 first mortgage bridge loan for the refinance of, and upgrades to, CODA Williamsburg. The 2011-built, 64-key, non-union hotel is well-located in the popular Williamsburg neighborhood of Brooklyn, New York. The 7-story boutique hotel is on a 0.21-acre site on the southern side of North 12th Street, facing McCarren Park.
The property boasts a large outdoor pool, a 2,000 SF rooftop with a destination F&B space and retractable roof. Williamsburg is home to a contemporary art scene, diverse culture, and vibrant nightlife. The hotel is located 0.2-mi from Brooklyn Bowl and 0.3-mi from the Bedford Avenue subway station, which provides direct access into Manhattan.
The floating rate, interest-only loan carries an initial term of three years and includes two extension options subject to performance tests. The loan includes FF&E and CapEx reserves for rooftop and room interior upgrades.
The sponsor is a New York-based private investment firm with an assorted portfolio of commercial, residential and hospitality real estate in gateway markets.