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

Partners developed a 196-key hotel at 140 Schermerhorn

New York /
Dec.December 20, 2016 05:20 PM

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

Flank and Carlyle TRData LogoTINY 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.


Related Articles

arrow_forward_ios
Photo illustration of Carlyle's David Rubenstein and Jason Hart (Illustration by Kevin Rebong for The Real Deal)
Watch: Uncovering Carlyle’s Brooklyn buying spree
Watch: Uncovering Carlyle’s Brooklyn buying spree
Photo illustration of Carlyle's David Rubenstein and Jason Hart (Illustration by Kevin Rebong for The Real Deal)
Private equity giant Carlyle’s latest big play: Small Brooklyn buildings
Private equity giant Carlyle’s latest big play: Small Brooklyn buildings
Criterion Group's Shibber Khan and 31-08 Northern Boulevard in Long Island City (Criterion Group
Criterion sells LIC self-storage for $80M
Criterion sells LIC self-storage for $80M
Dermot Company partner Andrew Levison and 225 Schermerhorn Street in Boerum Hill (Google Maps, Dermot Company)
Dermot buys Boerum Hill rental for $142M
Dermot buys Boerum Hill rental for $142M
(Nelligan White Architects, Emporis, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
From left: Jay Sugarman, chief executive officer, iStar; Mark Jenkins, head of global credit, The Carlyle Group (iStar, The Carlyle Group, iStock)
Carlyle picking up iStar’s net-lease portfolio for $3B
Carlyle picking up iStar’s net-lease portfolio for $3B
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...