Starwood Capital Group borrows $120M from Barclays for new hotel in Brooklyn Heights

Starwood Capital Group as borrower signed a loan agreement with lender Barclays valued at $120 million for 5 parcels, including the tax class luxury type hotel built prior to 1960 (H1) at 60 Furman Street, a 10-story, 194-key hotel known as the 1 Hotel Brooklyn Bridge, in Brooklyn Heights. The deal closed on September 30, 2019 and was recorded on November 6, 2019.
The property contains a total of 148,616 square feet of built space.

The prior lender Capital One assigned an $80 million loan which was combined with the $40 million gap mortgage in new debt. The $120 million was assigned to Barclays. Starwood had sought to sell this and another NYC hotel in 2016, but that did not happen The hotel’s initial temporary certificate of occupancy was issued in February 2017.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link