2023-04-18 17:58:05 ET
- Franklin BSP Realty Trust ( NYSE: FBRT ) on Tuesday announced the sale of its bankrupt Brooklyn hotel asset - the Williamsburg Hotel - by a trustee appointed by a bankruptcy court for $96M, comprising cash and new indebtedness.
- As a result of the sale, Franklin BSP ( FBRT ) recovered the full principal amount of its loan, equal to the loan's carrying cost as of December 31, 2022, and ~$20M of additional proceeds after payment of closing expenses.
- "The hotel loan has been on our watchlist since June 2019," Michael Comparato, president, Franklin BSP ( FBRT ) noted.
- The buyer, reportedly private equity firm Quadrum Global, was selected after a multi-month marketing process.
- Earlier, Franklin BSP ( FBRT ) declared $0.355 quarterly dividend.
For further details see:
Franklin BSP Realty announces closing of $96M sale of bankrupt Williamsburg Hotel