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New York

Flank pays $88M to buy Carlyle out of the Hilton Brooklyn

Partners developed a 196-key hotel at 140 Schermerhorn

The Boerum Brooklyn Flank
Rendering of the Boerum in Boerum Hill

Architecture and development firm Flank paid $88 million to buy the Carlyle Group out of the Hilton Brooklyn.

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Flank and Carlyle [TRDataCustom] bought the site at 140 Schermerhorn Street in 2012 for $38.2 million. The partners are developing a 196-key hotel on the property, but hired Eastdil Secured to market the property earlier this year. Last month, the Wall Street Journal reported that Flank would actually take over Carlyle’s stake. At the time, though, the price was not clear.

As part of the deal, Flank is refinancing the hotel with a $55 million senior bridge loan from M&T Bank and a $15 million mezzanine loan from Terra Capital. The hotel is part of a larger mixed-use development at 265 State Street at the Boerum, which has 128 condo units. Representatives for Flank and the Carlyle Group did not immediately return messages seeking comment.

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Boerum HillCarlyle Group