Ohana buys another downtown Brooklyn hotel
California firm purchases Hilton and three retail condos for $110M
Ohana Real Estate is buying another Brooklyn hotel? Fuhgeddaboudit.
The California-based firm bought the Hilton hotel and three retail condos in Downtown Brooklyn for $110 million from Tidal Real Estate, records show.
Tidal, then known as Flank, paid $88 million to buy Carlyle Group out of its stake in the property at 140 Schermerhorn Street in 2016. The two bought the site in 2012 for $38.2 million.
Flank refinanced the hotel with a $55 million senior loan from M&T Bank and a $15 million mezzanine loan from Terra Capital. Ohana eventually bought the mezzanine loan.
The hotel is part of a larger mixed-use development at 265 State Street, which has 128 condo units. Rooms at the hotel portion start at around $400 per night, according to its website.
During the bankruptcy, Ohana alleged that tenants connected to Hager’s partner refused to vacate an apartment portion of the building. Ohana called the police, but some squatters remained.
Those issues have now been resolved, according to a source familiar with the matter. The hotel is open and the apartments are leasing up.
Ohana, which means family in Hawaiian, has $4.2 billion in investments. Earlier this year, Ohana purchased the 108-year-old Claremont Hotel & Spa in Berkeley.