US-based real estate investment trust Franklin BSP Realty Trust (FBRT) has announced the completion of the Williamsburg Hotel acquisition by a trustee assigned by the United States Bankruptcy Court for the Southern District of New York, US.
The purchaser of FBRT’s Brooklyn hotel asset was chosen after a multi-month marketing program.
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The sale was closed for a total price of $96m, which included cash and additional debt.
Upon completion of the transaction, the FBRT regained the full principal amount of its loan and nearly $20m of additional proceeds.
FBRT president Michael Comparato said: “We are very pleased that the sale of the Williamsburg Hotel is now complete and has resulted in a positive resolution.
“The hotel loan has been on our watchlist since June 2019 and we are excited to redeploy the capital that we have freed up with this payoff into our commercial real estate portfolio.
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By GlobalData“I’m proud of our team who worked tirelessly through the extensive bankruptcy process to bring this loan to resolution.”
With an asset valued at $6.2bn, FBRT originates, acquires and oversees a diverse portfolio of commercial real estate debt secured by properties in the United States.
