Meridian Capital Group arranged $23.5 million in financing for the refinance of the Box House Hotel in Brooklyn, NY.
The loan, provided by a balance sheet lender, features interest-only payments and was negotiated by senior Managing director Cary Pollack, and vice president Judah Neuman.
The Box House Hotel is a four-story, 130-key property located at 77 Box Street in Greenpoint.
The sponsor redeveloped the property from a warehouse space into a hotel in 2012 and recently completed the addition of three additional floors, including 71 new rooms and a unique rooftop event space with breathtaking views of the Manhattan skyline.
“We are pleased to have worked with the lender and sponsor closely to arrange financing that enables ownership to achieve its business plan for this one-of-a-kind boutique hotel,” said Pollack.
