An affiliate of GFI Capital Resources Group and Spruce Capital Partners has secured a $112.5 million loan to refinance the Ace Hotel Brooklyn, a 13-story, 154,947-square-foot, 287-room, full-service hotel located at 252 Schermerhorn St. in Brooklyn, N.Y.
Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction and also arranged the leasehold bridge loan from Torchlight Investors. Loan proceeds will be used to retire existing senior debt and preferred equity, including that provided by Corten Real Estate, as well as to fund closing and financing costs.
The hotel is located at the intersection of Fort Greene, Boerum Hill and Downtown Brooklyn, with access to six subway lines providing direct connectivity to Midtown Manhattan within 30 minutes. Surrounded by cultural landmarks such as the Brooklyn Academy of Music and Barclays Center, and by the boutique-lined neighborhoods of Boerum Hill and Brooklyn Heights, Ace Hotel Brooklyn has become a sou
