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New York & Tri-State  + Outer  + Hospitality  | 

‘One of a Kind’ Brooklyn Hotel Lands Refi

Meridian Capital Group has arranged $23.5 million for the refinance of the Box House Hotel in the Greenpoint section of Brooklyn, redeveloped in 2012 from what was formerly a warehouse space. The loan was provided by an undisclosed balance sheet lender.

Cary Pollack, senior managing director with Meridian, and VP Judah Newman negotiated the loan, which features interest-only payments. Pollack said the financing would enable the property’s ownership “to achieve its business plan for this one-of-a-kind boutique hotel,” located at 77 Box St.

In the course of redeveloping the Box House, the owner recently added three floors to what was originally a single-story building. The hotel now features 130 rooms, and such amenities as complimentary shuttle service in 1970s-vintage Checker cabs.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Step 1: Select Education
  • ◦Financing