Brookfield Property Partners borrows $68M from United Overseas Bank for property in Clinton

Brookfield Property Partners through the entity BSREP III 653 Hotel LLC as borrower signed a loan agreement with lender United Overseas Bank Limited valued at $67.5 million for the 222-room Ink48 Hotel at 653 11th Avenue in Clinton. The deal closed on September 16, 2019 and was recorded on September 25, 2019. Kimpton manages the hotel.
The property contains a total of 153,363 square feet of built space. Kevin Davis and Barnett Wu of JLL represented Brookfield with the financing.
The average loan per buildable square foot is $440.
The last time the property sold was June 24, 2010, for $162,496,397.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 222 residential (or hotel) units on August 1, 2012.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $264,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link