July 12, 2018
Mission Capital has secured $8 million in leasehold financing for the Sumner Hotel, a 70-key property located at 22 Sumner Pl. in the Bushwick neighborhood of Brooklyn. Since 2016, the property has been occupied by the Acacia Network, one of the largest providers of individual and family transitional housing for the New York City Department of Homeless Services.
A Mission Capital team of Beau Williams, Ari Hirt and Justin Hunt represented East End Hospitality Management, owner of the leasehold on the hotel since 2008, in securing the five-year deal. “The Sumner Hotel’s relationship with Acacia enabled it to out-perform any competing hotels, as the property now benefits from almost no vacancies and very competitive rents,” said Williams.
Even so, underwriting the deal proved challenging for some lenders due in part to “the unique nature of the property’s use,” Williams continued. Nonetheless, “we were able to effectively communicate the property’s strength.”
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