$80M Construction Loan Obtained for Hotel

A joint venture of the Starwood Capital Group and Toll Brothers obtained new $80 million construction/mini-perm loan for the soon-to-be-completed, 194-key 1 Hotel, located on a landscape pier of Brooklyn Bridge Park, at 60 Furman St. on the Brooklyn waterfront.

Capital One provided the loan, which replaces a larger, $160 million construction financing package that included a recently-completed, 107-unit condominium building next door.

“As can be expected with a deal of this complexity, both the structure and the proceeds evolved as time went on,” said Austin Nowlin, head of capital markets at Starwood Capital Group. “Even as circumstances shifted, Capital One displayed both the flexibility and resourcefulness to devise an attractive solution for us.”

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