LodgeWorks signs $50M refi for hotel in Downtown Brooklyn
LodgeWorks Partners through the entity Brooklyn Lw Hotel Associates, L.P. as borrower signed a refi loan with lender Capital Federal Savings Bank valued at $50 million for the hotel building (H2) at 156 Tillary Street and the adjacent 117-unit Hampton Inn Brooklyn/Downtown hotel building (H3) at 125 Flatbush Avenue Extension in Downtown Brooklyn, Brooklyn.
The deal closed on April 9, 2025 and was recorded on April 15, 2025. The prior lender was Equity Bank which held debt that had an original loan amount of $45 million.The two properties have 123,304 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $405 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for LodgeWorks Partners was Seth V. White .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $5,350 in OATH penalties in the last year.
Development
For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.5 times the average sales volume among other neighborhoods with $390.7 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Downtown Brooklyn has 2.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
There are no active new building construction projects on this tax block.
The majority, or 53 percent of the 232,804 square feet of built space are hotel buildings, with elevator buildings next occupying 25 percent of the space.
The borrower
The PincusCo database currently indicates that Lodgeworks Partners owned at least one commercial property in New York City with 76,000 square feet and a city-determined market value of $29.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.
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