Franklin BSP Realty Trust, externally managed by Benefit Street Partners, has announced the successful sale of its Brooklyn hotel asset – the Williamsburg Hotel – for a total sale price of $96 million. The purchase 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 of FBRT expressed his satisfaction with this positive resolution: “We are very pleased that the sale is now complete and has resulted in such an outcome”. Franklin BSP Realty Trust recovered not only their full principal amount (equal to carrying cost as December 31st 2022) but also approximately $20 million in additional proceeds after paying all related closing expenses.
