Latest news with #SomeraRoad
New York Post
02-06-2025
- Business
- New York Post
The ‘Waldorf-Astoria of Brooklyn' finally has a future — after years of failed renovation attempts
The Hotel Bossert, a former luxury hotel in Brooklyn Heights, has been acquired by real estate firm SomeraRoad for $100 million — and it's going residential. The Italian Renaissance Revival-style building is an icon of Montague Street. The locally beloved landmark, where the Brooklyn Dodgers celebrated their only World Series championship in 1955, languished through more than a decade of stop-start renovations before it was recently snapped up by SomeraRoad, the Brooklyn Eagle reported. 6 The Hotel Bossert sits on the corner of Montague and Hicks streets. Dylan Wilson 6 The hotel in its heyday housed several Brooklyn Dodgers and happening parties in its top-floor bar. Getty Images The years of false starts and pesky scaffolding began after the former hotel's 2012 purchase by developers Joseph Chetrit and David Bistricer for $81 million. The previous owners planned to reopen the relic as a boutique hotel with 302 rooms, according to the Eagle. Their renovation efforts repeatedly stalled, however. Chetrit bought out Bistricer in 2019, the Real Deal reported. The saga ended earlier this year with $177 million of debt and a foreclosure auction. Beach Point Capital acquired the decaying hotel from the Chetrit Group at auction for $999,000. SomeraRoad purchased the property from Beach Point Capital, with the latter providing a $71 million mortgage, according to the Real Deal. The 14-story Hotel Bossert was constructed as an apartment hotel in 1909 by lumber magnate Louis Bossert. Its nautical-themed Marine Roof Supper Club was the toast of the town in its mid-20th century heyday, known for unbeatable Manhattan views and live music. 6 The hotel entrance in 1958. Getty Images 6 The hotel was known as the Waldorf-Astoria of Brooklyn. Getty Images 6 The hotel lobby, pictured in 2008. Dylan Wilson The Jehovah's Witnesses took over the building in 1983, and their restoration efforts on the building were widely praised, Curbed reported. The group sold the building to Bossert and Chetrit in 2012 amid a massive property selloff when they left Brooklyn for upstate New York. A 2019 New York Magazine story chronicled the experiences of the former hotel's five remaining rent-stabilized residents still living in the near-vacant building. Now, the grand 116-year-old hotel plans to welcome residents in one of Brooklyn's most in-demand areas. 6 Brooklyn Heights' hot real estate market makes the hotel's residential future especially enticing. Google Earth The Hotel Bossert's new owners, SomeraRoad, boast a track record of adaptive reuse projects — the firm gained attention for its successful restoration of the former India House building at One Hanover Square in 2023. Its founder, Ian Ross, is a Brooklyn resident. 'SomeraRoad plans to honor the property's rich history and restore and reopen the building as residences,' the company wrote in a statement.
Yahoo
19-03-2025
- Business
- Yahoo
Walker & Dunlop Arranges $253 Million Construction Financing for Nashville's Pendry Nashville and Pendry Residences Nashville
BETHESDA, Md., March 19, 2025--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged a $253 million construction loan to facilitate the development of the Pendry Nashville and Pendry Residences Nashville a soon to be 30-story hotel condominium tower located in Nashville's rapidly growing Paseo South Gulch district. The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Bastian and Jackson Irwin arranged the construction financing on behalf of SomeraRoad and Trestle Studio. Bank OZK and InterVest Capital Partners provided the financing package. Jay Morrow and Carter Gradwell of the Walker & Dunlop Hospitality team advised SomeraRoad throughout the process, working in collaboration with the New York Capital Markets team. As Phase 3 of the Paseo South Gulch master-planned micro-neighborhood by SomeraRoad, the Pendry Nashville Hotel & Residences will feature 180 hotel keys and 146 Pendry-branded luxury condominiums. Upon completion, the development will offer a wide range of amenities, a variety of upscale food and beverage outlets, curated event spaces, and individual pools for both hotel guests and residents, among other offerings. "Having worked with SomeraRoad to capitalize prior phases of their Paseo South Gulch master-planned development, we are firm believers in their long-term vision for the neighborhood," said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. "In a market where more and more capital providers are shying away from complex mixed-use developments, this transaction highlights the availability of liquidity for qualified Sponsors with unique projects." The project is expected to break ground immediately with opening scheduled for 2027. In 2024, Walker & Dunlop's Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website. About Walker & Dunlop Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry. View source version on Contacts Investors: Kelsey DuffeyInvestor RelationsPhone 301.202.3207investorrelations@ Media: Nina H. von WaldeggVP, Public RelationsPhone 301.564.3291info@ Phone 301.215.5500 7272 Wisconsin Avenue, Suite 1300Bethesda, Maryland 20814
