Troutbrook Company / Freud Builders and Ladder Capital closed a $28.5 million refinancing deal for the 135-key Fairfield Inn in Brooklyn, a Marriott branded hotel.
The property, located at 181 3rd Avenue and open since 2011, is in the heart of the Gowanus area.
The 12 -story midrise hotel is one of only several Marriott flag hotels presently open in Brooklyn. The hotel lobby greets visitors with a 20 foot ceiling height and an art-inspired lobby.
The rooftop event space offers an unobstructed view of downtown Brooklyn and lower Manhattan and is an amenity of the hotel that contributes to its consistent high ranking on Trip Advisor for Brooklyn hotels.
The loan proceeds from the refinancing will afford additional capital to Troutbrook Company / Freud Builders to embark upon its first major renovation of the property to continue to provide a unique hotel stay, in an increasingly competitive hotel marketplace.
Troutbrook Company is a New York City based developer, builder and owner of residential, industrial, retail and hospitality properties.
Marc J. Freud, a principal of Troutbrook Company, stated, “We are excited about accelerating the design vision of the hotel to meet the experiential demands of the hotel guest.
“The property is already well positioned in the Gowanus area, a neighborhood that is seeing large investments in real estate and massive efforts by the US Environmental Protection Agency for significant cleanup of the neighboring Gowanus Canal.
“Troutbrook is also excited about the potential rezoning of the immediate area, and the possibility of developing an additional building on the hotel’s adjacent parking lot.”
Freud concluded by commenting that he hopes to replicate the business success of this hotel on several other projects Troutbrook is developing, in other destination cities, including several projects underway in Miami, Florida.