Helmsley Spear LLC has arranged a $9.5 million refinancing for Kings Hotel, located at 2416 Atlantic Avenue in Brooklyn. The loan was arranged by Showket Ahamed, a commercial real estate sales professional at Helmsley Spear.
“This was a complicated transaction that we are pleased to have closed and thank all parties for their cooperation to successfully close this refinancing,” Ahamed said.
Ahamed structured the transaction with co-broker Brooks Lewis, managing director of Coronado Bay Capital, with Crown Bank providing financing. The 10-year, fixed-rate loan was arranged with monthly payments to be based on a 25-year amortization schedule.
“This is a wonderful transaction for the capital markets arm of Helmsley Spear,” said Kent M. Swig, President of Helmsley Spear. “I am proud of our team effort, led by Showket Ahamed, to realize this transaction through to a very successful closing.”