Corten Real Estate Leads A Preferred Equity Recapitalization Supporting The Completion Of The Ace Hotel Brooklyn
WILMINGTON, Del. and PHILADELPHIA, Feb. 9, 2021 – Corten Real Estate partnered with GFI Capital Resources and Spruce Capital to provide $30.8 million of preferred equity to complete and open the Ace Hotel Brooklyn. Corten led the recapitalization with $16.8 million funded through a separate account it manages, closing the deal on February 1st.
The property is a full-service, 287-key premier hotel located in Brooklyn’s Boerum Hill neighborhood. Upon completion, it will feature numerous amenities, including a restaurant, spring garden, lobby bar, three retail spaces and a fitness center. In addition, it will offer more than 4,000 square feet of technologically advanced meeting space with a ballroom that has 22’ ceilings.
According to Managing Partner P.J. Yeatman, “Corten was attracted to this opportunity because we believe in the vision that GFI and Ace have for this unique location. Ace is a brand that captures the essence of Brooklyn, and the high level of design should be well received by the marketplace.”
About Corten Real Estate Management LLC
Corten Real Estate Partners is a highly experienced operator and investor that focuses on special situations involving middle-market office, hospitality, and multifamily real estate. The firm has particular expertise in providing creative capital solutions to stakeholders experiencing stress, distress or some other unique catalyst. Corten is headquartered in Wilmington, DE, with satellite offices in the Washington, DC and Philadelphia PA metro areas and property management resources across the U.S.
About GFI Capital Resources Group, Inc.
Founded in 1983 and headquartered in New York, GFI Capital Resources Group, Inc., through its affiliates, is an experienced investor in hospitality, multifamily and retail, as well as provider of real estate development, management, hospitality, brokerage, and construction services to clients across the United States.
About Spruce Capital Partners
Spruce Capital Partners is a New York-based real estate investment management firm. Since its founding in 2007, the firm has developed properties in New York City, and is a significant owner and manager of multifamily rental assets throughout the country. In 2013, Spruce created S3 Capital Partners, a dedicated credit platform. S3 is one of the most active private debt lender in greater New York City and lends in major East Coast markets.