Franklin BSP Realty Trust, externally managed by Benefit Street Partners, has announced the successful completion of the sale of its Brooklyn hotel asset – Williamsburg Hotel – for a total sale price of $96 million. This amount comprises cash and new indebtedness. The transaction was conducted by a trustee appointed by the United States Bankruptcy Court for the Southern District of New York after a multi-month marketing process co-brokered by Eastdil Secured and A&G Real Estate Partners.
Michael Comparato, President at FBRT expressed his satisfaction with this positive resolution saying “We are very pleased that the sale is now complete”. Franklin BSP Realty Trust recovered full principal amount equal to carrying cost as on December 31st 2022 along with approximately $20 million in additional proceeds after paying all related closing expenses associated with it.
