[[{“value”:”
**Brooklyn’s Ace Hotel Secures $112.5 Million Refinancing Loan**
Walker & Dunlop, Inc. 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 Street in Brooklyn.
The loan was arranged by Walker & Dunlop Capital Markets Institutional Advisory on behalf of an affiliate of GFI Capital Resources Group, Inc. and Spruce Capital Partners. The leasehold bridge loan was provided by Torchlight Investors, with loan proceeds designated to retire existing senior debt and preferred equity—previously issued by Corten Real Estate—as well as to cover closing and financing costs.
Leading the arrangement of the financing were Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Michael Brown, Sean Bastian, and Cole Grims.
“New York City remains the most supply-constrained hotel market in the country, driven by significant regulatory barriers including the Safe Hotels Act, zoning amendments requiring special use permits, and Local Law 18, which restricts short-term rentals,” said Michael Brown. “These factors have limited new hotel development and reduced existing supply, while tourism demand continues to surge with more than 64 million visitors expected in 2025. We are pleased to support and arrange this transaction alongside our valued partners at GFI Development, Spruce Capital Partners, and Torchlight.”
“}]]
