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**Brooklyn’s Ace Hotel Secures $112.5M Refinance Loan**
Walker & Dunlop, Inc. has successfully secured a $112.5 million loan to refinance the Ace Hotel Brooklyn, a 13-story, 287-room full-service hotel located at 252 Schermerhorn Street in Brooklyn. The property spans approximately 154,947 square feet.
The financing was arranged by Walker & Dunlop Capital Markets Institutional Advisory on behalf of affiliates of GFI Capital Resources Group, Inc. and Spruce Capital Partners. The leasehold bridge loan was provided by Torchlight Investors.
The loan proceeds will be used to retire existing senior debt and preferred equity, including financing provided by Corten Real Estate. In addition, funds will go toward closing and related financing costs.
“This transaction highlights the strength and resilience of the New York City hotel market,” said Michael Brown of Walker & Dunlop. “Supply constraints are significant due to regulatory barriers such as the Safe Hotels Act, special use zoning amendments, and Local Law 18, which limits short-term rentals. These restrictions have curbed new development and reduced existing supply, all while tourism continues on an upward trajectory—with more than 64 million visitors expected in 2025. We are proud to collaborate with GFI Development, Spruce Capital Partners, and Torchlight on this deal.”
The transaction was arranged by a team that included Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Michael Brown, Sean Bastian, and Cole Grims.
This refinancing reflects growing confidence in Brooklyn’s hospitality market and positions the Ace Hotel Brooklyn for continued success in one of the city’s most dynamic neighborhoods.
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