CBSK Ironstate obtains $78M in debt from Goldman Sachs Bank for Pod Brooklyn hotel in Williamsburg

CBSK Ironstate, a partnership among CB Developers, SK Development Group and Ironstate Development, through the entity CBWB Bkln Fee LLC as borrower signed a loan agreement with lender Goldman Sachs Bank USA valued at $78.4 million for 4 condominium units at the Pod Brooklyn hotel at 247 Metropolitan Avenue also known as 626 Driggs Avenue, in Williamsburg. The deal closed on August 26, 2019 and was recorded on September 27, 2019.

PincusCo reported last week that Charles Blaichman’s CB Developers had acquired a $59.5 million interest in hotelier Eric Goode’s Nolita property 358 Bowery, where Goode in 2017 purchased air rights from adjacent properties.

The Pod Brooklyn building is divided into five condo units, including three retail condo units, the hotel unit and the parking unit. This loan only covers the hotel, the parking and two of the three retail units. No sale has been recorded for the third retail condo unit, which was the property removed from the mortgage. The Real Deal reported that a Fisher Brothers debt vehicle, Lionheart Strategic Management, provided a $10 million mezzanine piece.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.