Berkadia Hotels & Hospitality—in conjunction with Cushman & Wakefield—have executed a note sale on a mixed-use development which includes the 187-room Hotel Indigo Williamsburg Brooklyn in New York.
The sale of the note included 500 Met, an apartment building with 75 residential units, a parking garage and retail space. Steve Michels, Jared Kelso, Steve Vazquez and Michael Forester of commercial real estate specialist Berkadia led the transaction for Hangang Asset Management on behalf of the seller. The buyer, meanwhile, was a joint venture between HN Capital Partners, 109Co and Farallon Capital Management.
"Despite a challenging capital markets environment, the closing of the note sale highlights the enduring strength of New York City's mixed-use market and the unique appeal of this asset," Michels said in a statement. "We were honored to represent Hangang Asset Management, reflecting investor confidence in high-quality, well-located properties with long-term potential."
Hotel Indigo and 500 Met is an institutional-quality mixed-use development built in 2019, located in the Williamsburg neighborhood. Spanning three addresses—500 Metropolitan Ave, 491 Keap St, and 31 Ainslie St—the property has 187 hotel keys, 75 residential units, 152 enclosed parking spaces, a rooftop pool and two corner retail units.