EverWest Closes Mezzanine Loan on Holiday Inn Express in Brooklyn, NY
September 12, 2016
EverWest Real Estate Partners is pleased to announce the closing of a mezzanine loan for the Holiday Inn Express in Brooklyn, NY. This investment was part of a recapitalization which funded a complete room refurbishment and other capital upgrades.
The asset is located in a strong market and at an attractive location, situated one mile north of Interstate I-278, within walking distance to trains/subway stations, Downtown Brooklyn and the Barclays Center.
Joe Chickey, Senior Director, stated, "This property had already established itself as a top performer in an excellent in-fill location within Brooklyn. The room and common area upgrades should enable it to increase room rates while continuing its strong occupancy in the high 80's, which is well above the national average."
Tom McCahill, Managing Principal, comments, "We're familiar with the sponsor's stellar hospitality credentials and believe strongly in their ability to outperform in a healthy hospitality market."