Slate Asset Management Refis Brooklyn Hotel With $59M Loan
By Andrew Coen January 22, 2024 1:04 pm
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Ohana Real Estate Investors has secured a $59 million senior loan facility to refinance a Downtown Brooklyn hotel and multifamily property, Commercial Observer has learned.
Slate Asset Management provided the financing for Ohana’s The Tillary Hotel with JLL (JLL)’s Mark Fisher and Barnett Wu arranging the transaction.
Brendan Shanahan, a managing director at Slate, said in a statement the deal was well suited for its basis-focusing lending platform.
“This was an opportunity to lend to an institutional sponsor at a reset basis in a market with significant housing and hotel supply constraints,” Shanahan said in a statement. “The work the Ohana team has done to get The Tillary operating and cash flowing demonstrates their strength as an operator, and we’re pleased to be partnering with them on this transaction.”
Located at 85 Flatbush Avenue Extension in Downtown Brooklyn, the Tillary consists of a 174-room hotel and 64-unit apartment building. The property opened in 2017, and its amenities include a fitness center, lobby cafe and event space.
Spokespeople at Ohana and JLL did not immediately return requests for comment.
Ohana purchased The Tillary in late 2022 as part of a bankruptcy auction from developer Isaac Hager, The Real Deal reported at the time. Ohana alleged in court filings after the sale that some tenants close to Hager’s business partner, Lipa Rubin, were refusing to vacate their apartments, according to TRD.
Andrew Coen can be reached at acoen@commercialobserver.com
