Developer Zelig Weiss secured more than $81 million in financing for the 260,000-square-foot Level Hotel project slated for Williamsburg, The Real Deal has learned.
The $130-million development at 55 Wythe Avenue, between North 12th and 13th streets, will hold 183 guestrooms, as well as 40,000 square feet of offices and 20,000 square feet of retail. Plans also call for a 20,000-square-foot rooftop garden open to the public.
Josh Zegen’s Madison Realty Capital served as the sole lender. The financing includes a $63 million construction loan and an $18.3 million bridge loan that was used to acquire the site in May.
The loans were finalized earlier this month. Weiss paid $30 million for the site, as previously reported. The project is now entirely financed.
Andy Nemeroff and Michael Nemeroff of Imperial Capital Company represented Madison, while Joel Friedman of Nationwide Realty represented Weiss.
The hotel is expected to open by early 2016, he said. Architects Yohay Albo and Nicholas Liberis are behind the design.