Franklin BSP Realty Trust Completes the Williamsburg Hotel Sale
Franklin BSP Realty Trust, externally managed by Benefit Street Partners, has announced that its Brooklyn hotel asset, the Williamsburg Hotel, was sold for a total sale price of $96 million, comprising cash and new indebtedness.
The sale was conducted by a trustee appointed by the United States Bankruptcy Court for the Southern District of New York. The purchaser of the hotel was selected after a multi-month marketing process co-brokered by Eastdil Secured and A&G Real Estate Partners.
“We are very pleased that the sale of the Williamsburg hotel is now complete and has resulted in a positive resolution,” said Michael Comparato, president of FBRT.
Franklin BSP Realty Trust has recovered the full principal amount of its loan (equal to the carrying cost of the loan as of December 31, 2022) and approximately $20 million of additional proceeds after paying all related closing expenses.