Ohana Real Estate Investors signs $59M refi for hotel, residential in Downtown Brooklyn
Ohana Real Estate Investors through the entity TH Holdings Opco LLC as borrower signed a refi loan with lender Slate Asset Management through the entity SREC Reit Holdings Inc. valued at $59 million for three properties with 64 residential units including the hotel condo at 85 Flatbush Avenue Extension in Downtown Brooklyn, Brooklyn, 64-unit rental condo at 60 Duffield Street in Downtown Brooklyn, Brooklyn, and retail condo at 85 Flatbush Avenue Exte in Downtown Brooklyn, Brooklyn.
The deal closed on January 12, 2024 and was recorded on January 25, 2024. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $55 million.
The three properties have 150,688 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $391 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Ohana Real Estate Investors was John Ginochio. The signatory for Slate Asset Management was Michael Quinn.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 60 Duffield Street.
The property
The rental condo with 64 residential units in Downtown Brooklyn has 150,688 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 60,129 square feet. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $18.1 million. The most recent loan totaled $55 million and was provided by Madison Realty Capital on November 9, 2022.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 60 Duffield Street, PincusCo has identified the owners of one of the five commercial properties representing 160,000 square feet of the 160,000 square feet. The identified owner is NYC Department Of Education.
The majority, or 100 percent of the 160,000 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that Ohana Real Estate Investors owned at least one commercial property in New York City with 43,618 square feet and a city-determined market value of $13.4 million. (Market value is typically about 50% of actual value.) The portfolio has $197.6 million in debt, with top three lenders as Deutsche Bank, Kennedy Wilson, and Madison Realty Capital respectively. The portfolio consists of at least a single hotel property. It is located in Manhattan.
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