Paper Factory – Hotel Construction Financing – $27,000,000

Joe Berko and Michael Korine, of Berko & Associates have completed a $27,000,000 blanket financing package to recapitalize The Paper Factory Hotel, and to fund the expansion of the sponsor’s concept to the up-and-coming neighborhood of Greenpoint. The initial construction financing for The Paper Factory Hotel an ultra-hip luxury destination in Long Island City set to open in this month, was originally put in place in 2012 by the firm’s Finance & Capital Markets Group. In addition, the package provided full financing for the acquisition of 3 adjacent properties in Greenpoint, sourced by the firm’s Investment Sales team. The Greenpoint assembly is set to be converted to a trendy hotel and café in early 2014.