To another entity but made armoyan guarantee certain free cash inducements to potential tenants .......armoyan is getting a schooling I can't believe SLAM
NEW YORK, January 22, 2024--(BUSINESS WIRE)--Slate Asset Management ("Slate"), a global alternative investment platform targeting real assets, announced today that Slate Real Estate Capital, the private credit business of Slate, has closed a $59.0 million senior loan facility provided to Ohana Real Estate Investors for the refinancing of The Tillary Hotel and Residences ("Tillary" or the "Property") in Brooklyn, New York.
Ohana is a vertically integrated investment firm with a strong track record of equity and debt investments in the hospitality and residential sectors. Tillary is a 12-story, limited-service, 174-room hotel and 64-unit multifamily residential property located at 85 Flatbush Ave Ext, between Downtown Brooklyn and Dumbo. The Property features state-of-the-art designs and finishes, a premier amenity package, and a central location that is easily accessible to nine subway lines, the Atlantic Terminal, Long Island Railroad, and lower Manhattan via the Manhattan and Brooklyn Bridges.
The New York hotel and multifamily submarkets continue to experience strong tailwinds. As leisure travelers have reintroduced discretionary spending, occupancy and room rates at New York hotels have surged, demonstrating a complete recovery from Covid-19 related disruptions. In addition, the Brooklyn multifamily market has similarly struggled to keep up with demand, with record low vacancy rates and continued year-over-year rental increases. With both hotel and residential offerings, Tillary will address a key void in one of strongest markets in the country.
Slate is an active lender through its real estate credit platform, Slate Real Estate Capital, which provides transitional capital and flexible liquidity to strong sponsors and assets across the commercial real estate industry. The firm’s debt capabilities span bridge and transitional loans, acquisition and restructuring of existing loans, investment in debt securities, and flexible structured liquidity solutions for landlords and lenders.
Mark Fisher and Barnett Wu of Jones Lang LaSalle Americas, Inc. represented the borrower for the transaction.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.