Muss Development has secured a $100 million loan secured by the New York Marriott at The Brooklyn Bridge after the completion of a substantial capital improvement program. KTB Asset Management, a Korean real estate fund manager, originated the 5-year floating-rate loan. KTB and its facility agent, Shinhan Bank, with the help of Talmage, LLC, as their U.S. advisor and ongoing servicer, won the endorsement. KTB will manage the loan in a fund on behalf of multiple Korean institutional investors. Cushman & Wakefield Global Hospitality represented Muss Development in the financing.
Located at 333 Adams Street in the heart of downtown Brooklyn, the property has 667 guest rooms. Renovations were made to the hotel’s lobby and club areas, to more than 44,000 sqf of event and meeting space, and to the hotel’s rooms and bathrooms. Many guest rooms offer views of Manhattan and the Brooklyn Bridge. The hotel is within a 15 minute walk to Barclays Center, the Brooklyn Academy of Music (BAM) and the Brooklyn Bridge Park.
“We are delighted to have worked with KTB in completing this historic transaction for Korean investors.” said Edward L. Shugrue III, CEO of Talmage. He added, “Korean investors have been very active in U.S. mezzanine debt. This is one of the first transactions in which Korean investors have originated a whole loan directly in New York. With attractive rates and increasing track record of transactions, we expect KTB to be an active player in providing real estate debt capital in the U.S.”
