Helmsley Spear, LLC, America’s oldest continuously operating real estate firm founded in 1866, has announced that it has arranged a refinancing transaction for Kings Hotel, located at 2416 Atlantic Avenue in Brooklyn. The loan was arranged by Showket Ahamed, a commercial real estate sales professional at Helmsley Spear, who was the exclusive agent for the listing.

Mr. Ahamed structured the transaction with co-broker Brooks Lewis, Managing Director of Coronado Bay Capital, with Crown Bank providing financing. The fixed rate loan was arranged for $9.5 million and the term of the loan is for 10 years with monthly payments to be based on a twenty five years amortization schedule.

“This was a complicated transaction that we are pleased to have closed and thank all parties for their cooperation to successfully close this refinancing,” said Mr. Ahamed.

Kent M. Swig, President of Helmsley Spear said, “This is a wonderful transaction for the capital markets arm of Helmsley Spear. I am proud of our team effort led by Showket Ahamed to realize this transaction through to a very successful closing.”

About Helmsley Spear

Since 1866, Helmsley Spear has been a leader in commercial real estate creating legendary deals that are the cornerstones of the real estate industry, and is the oldest, continually operating real estate firm in America. Evolving from a real estate appraisal company to a full-service firm providing highly-skilled, professional performance and bottom-line profitability for its clients, Helmsley Spear provides property owners and users of real estate with a full array of services including: office and retail leasing; property and asset management; capital advisory services; investment sales and financing; project development and construction management; preventative maintenance and engineering; insurance services and appraisal. HelmsleySpear is independently owned and operated with offices in New York and San Francisco.