Dealmaker: KTB Originates $100M on New York Marriott at The Brooklyn Bridge

KTB Asset Management, Seoul, South Korea, originated a $100 million, five-year floating-rate loan secured by the New York Marriott at The Brooklyn Bridge in New York. 

Muss Development, Brooklyn, N.Y., refinanced the 667-guest room hotel.KTB and its facility agent, Shinhan Bank, Seoul, with Talmage LLC acting as U.S. advisor and ongoing servicer, won the mandate in a competitive bidding process.

KTB said it will manage the loan in a fund on behalf of multiple Korean institutional investors. Cushman & Wakefield Global Hospitality represented Muss Development in securing the financing.

“Korean investors have been very active in U.S. mezzanine debt,” Talmage CEO Edward Shugrue III said. “This is one of the first transactions in which Korean investors have originated a whole loan directly in New York.” 

Shugrue noted that KTB’s track record is growing. “We expect KTB to be an active player in providing real estate debt capital in the U.S.,” he said.

The new loan closed after a substantial capital improvement program concluded. Renovations included the M Club Lounge, more than 44,000 square feet of event and meeting space and remodeled guest rooms. 

Located at 333 Adams Street in downtown Brooklyn, the New York Marriott at the Brooklyn Bridge abuts MetroTech Center near the Brooklyn Heights, DUMBO and Cobble Hill neighborhoods. Barclays Center, the Brooklyn Academy of Music and the Brooklyn Bridge Park are all within a 15-minute walk.