Meridian Capital Group arranged $10 million in permanent financing on the Best Western Gregory Hotel in Brooklyn.
The $10 million, 10-year CMBS loan was provided by Rialto Mortgage Finance LLC and features a fixed rate and interest-only payments for the first year.
The transaction was negotiated by Meridian managing director Tal Bar-Or, associate Beau Williams, and vice president Judah Neuman, 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. It contains 70 rooms and three meeting spaces.
Hotel ownership 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.
“The 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 30-day timeline,” said Bar-Or.