{"id":1004167091,"date":"2017-02-20T06:20:46","date_gmt":"2017-02-20T14:20:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004167091"},"modified":"2022-12-07T14:37:34","modified_gmt":"2022-12-07T22:37:34","slug":"brooklyn-waterfront-hotel-lands-80m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brooklyn-waterfront-hotel-lands-80m-in-financing\/","title":{"rendered":"Brooklyn Waterfront Hotel Lands $80M in Financing"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><strong>New York<\/strong>\u2014Capital One has provided an $80 million construction\/mini-perm loan to <a href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-bridge-hotel-to-open-february-2017\/\" target=\"_blank\" rel=\"noopener\">a joint venture between the Starwood Capital Group and Toll Brothers<\/a>, for the soon-to-be-completed 1 Hotel Brooklyn Bridge, a 194-key property on the Brooklyn waterfront.<\/p>\n<div id=\"attachment_1004167097\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004167097\" data-attachment-id=\"1004167097\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-waterfront-hotel-lands-80m-in-financing\/1-hotel-brooklyn-bridge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg\" data-orig-size=\"785,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1 Hotel Brooklyn Bridge\" data-image-description=\"&lt;p&gt;1 Hotel Brooklyn Bridge&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;1 Hotel Brooklyn Bridge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg?w=785\" class=\"wp-image-1004167097 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg\" alt=\"1 Hotel Brooklyn Bridge\" width=\"300\" height=\"229\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg 785w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg?resize=300,229 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1-Hotel-Brooklyn-Bridge.jpg?resize=768,587 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004167097\" class=\"wp-caption-text\">1 Hotel Brooklyn Bridge<\/p><\/div>\n<p>Capital One previously provided a $160 million loan to finance the project\u2019s initial construction, which also included a 107-unit recently completed condominium building.<\/p>\n<p>\u201cThese are top-tier sponsors and the property is in a terrific location\u2014right on the Brooklyn waterfront,\u201d Paul Verdi, senior vice president for Capital One\u2019s commercial real estate group, told <em>Commercial Property Executive<\/em>. \u201cAlthough we have seen some softness in the Manhattan Hospitality Sector, the unique upscale brand the 1 Hotel offers visitors, combined with the location and view, gave the bank comfort that a ground-up construction facility was warranted for the product.\u201d<\/p>\n<p>The hotel will feature 20,000 square feet of meeting\/event space, a 24-hour fitness center\/spa, a rooftop bar and pool and a 12,000-square-foot indoor\/outdoor restaurant emphasizing local and organic ingredients.<\/p>\n<p>The property has been built to LEED standards and features reclaimed wood, stone, industrial metals, locally sourced glass, green plants, and cotton, linen, and leather are all utilized throughout the hotels\u2019 public and private spaces.<\/p>\n<p>According to Verdi, the location and product appeal will drive the success of the property.<\/p>\n<p>\u201cThe view of lower Manhattan, the Brooklyn Bridge and the Statue of Liberty is spectacular and the offering is unique for the area\u2014an upscale, green full service hotel,\u201d he said. \u201cBrooklyn continues to be an attractive market overall, but particularly along the waterfront in areas like DUMBO and Williamsburg. The neighborhood where 1 Hotel Brooklyn Bridge is located has a lot to offer in terms of visitor appeal as well.\u201d<\/p>\n<p>The 1 Hotel Brooklyn Bridge will be the third property for Starwood\u2019s 1 Hotels brand.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 10-story project marks the third property and first ground-up development for Starwood\u2019s luxury 1 Hotels brand.  <\/p>\n","protected":false},"author":451,"featured_media":1004167097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,1600,21742,10],"tags":[33139,33377,34032],"class_list":["post-1004167091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-capital-one","tag-starwood","tag-toll-brothers-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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