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Monday, 02 December 2019

Cantor Commercial Lends $112Mln Against Brooklyn, N.Y., Hotel

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Commercial Real Estate Direct Staff Report

Cantor Commercial Real Estate has provided $112 million of financing against the former Hotel Bossert in Brooklyn, N.Y., which is slated to re-open early next year.

The loan allowed the property's owner, the Chetrit Group of New York, to retire $85 million of financing held by New York Community Bank.

The property, at 98 Montague St., in the borough's Brooklyn Heights neighborhood, was constructed in 1909 and at the time was often referred to as the Waldorf Astoria of Brooklyn for its posh finishes, including carved marble staircases and columns, chandeliers and neo-Renaissance architectural style. Jehovah's Witnesses acquired it in the 1980s, restored it and used it as a dormitory facility.

The religious organization in 2012 sold the property for $81 million to a venture of Chetrit and Clipper Realty Inc. of Brooklyn, which embarked on an effort to convert the property back to a hotel.

Earlier this year, Chetrit bought out Clipper Realty's stake in the property. Chetrit now has a franchise agreement in place and expects to re-open the hotel early next year. The hotel will have 284 rooms, as well as a restaurant, two ballrooms and two bars.

New York Community Bank had provided a $60 million acquisition loan in 2012 and an additional $25 million loan in 2015 to help fund renovations at the building.

The property was the site of the Brooklyn Dodgers' celebration following the team's victory over the New York Yankees in the 1955 World Series.

It sits between Pierrepont and Remsen streets, three blocks from the East River.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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