April 2, 2018
Meridian Capital Group has arranged $23.5 million for the refinance of the Box House Hotel in the Greenpoint section of Brooklyn, redeveloped in 2012 from what was formerly a warehouse space. The loan was provided by an undisclosed balance sheet lender.
Cary Pollack, senior managing director with Meridian, and VP Judah Newman negotiated the loan, which features interest-only payments. Pollack said the financing would enable the property’s ownership “to achieve its business plan for this one-of-a-kind boutique hotel,” located at 77 Box St.
In the course of redeveloping the Box House, the owner recently added three floors to what was originally a single-story building. The hotel now features 130 rooms, and such amenities as complimentary shuttle service in 1970s-vintage Checker cabs.
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