Greystone, a leading national commercial real estate finance company, announced today that it has arranged a $143,100,000 permanent loan for affiliate entities of RXR Realty to refinance 475 Clermont, a premier multifamily rental building located at the intersection of Fort Greene, Clinton Hill, and Prospect Heights in Brooklyn, NY. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher and Matthew Hirsch, served as exclusive advisor to RXR. The new 10-year, fixed-rate loan was provided by an affiliate entity of MetLife Investment Management and refinances a $125,000,000 construction credit facility from J.P. Morgan and People’s United Bank that was also arranged by Greystone in 2017.

475 Clermont is a 12-story luxury “70/30” multifamily residential building with 363 residential units, approximately 33,000 square feet of retail, and over 45,000 square feet of parking. Designed by Aufgang Architects & Durukan Design, the property’s residential units feature in-unit washers and dryers, 9- to 11-foot ceilings, private terraces, expansive views of Manhattan and Brooklyn, and kitchens with stainless steel appliances by Beko, Bertazzoni, and Fisher & Paykel. The property’s amenity package includes a business center with meeting room, children’s room with adjacent outdoor play area, state-of-the-art fitness center with outdoor fitness deck, and a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations, and dining areas. The property also features a landscaped courtyard which boasts a 7-story mural designed and painted by Mona Caron.

“We appreciate our collaborative relationship with financial partners like Greystone,” stated RXR Realty’s President, Michael Maturo. “Their commitment to 475 Clermont – from construction to long-term financing – further supports RXR’s vision and success in creating enduring value to the communities in which we develop and operate.”

“RXR has established itself as one of the premier institutional owners and developers of multifamily housing in the NY Metro Market, and 475 Clermont is another example of the firm’s vision and success in delivering high-quality housing to emerging neighborhoods,” said Drew Fletcher, President of Greystone Capital Advisors. “We are excited to have worked with RXR on this incredible project, beginning with the original construction financing and now again at the permanent financing stage as RXR’s vision for Fort Greene comes to fruition.”

 

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $37,050,000 permanent loan made to an affiliate of the Shirian Family’s Lions Group to refinance 14-01 Broadway, a new 82-unit 100% market-rate multifamily rental apartment building located in Astoria, NY. The 10-year fixed-rate Fannie Mae loan replaces a Bank Leumi construction facility.

Family-owned and managed, Lions Group leverages its expertise through acquisition, development, construction and management of residential, commercial, and retail properties. Lions Group currently owns and operates over 1,500,000 square feet of luxury condominium, multifamily, and commercial spaces and has excelled in delivering products to Queens, completing over ten projects in the borough within the last fifteen years. Lions Group is run by Albert, Ramin, Aaron, Jake and Allen Shirian.

14-01 Broadway’s superb location in the Astoria neighborhood bordering Long Island City provides residents with breathtaking views of Manhattan, as well as easy access to the neighborhood’s numerous modes of transportation and wide range of amenities.

14-01 Broadway offers carefully designed amenities for residents intended to enhance the city lifestyle while simultaneously emphasizing relaxation and fun. Residents of the building have access to a state-of-the-art fitness center and sauna. Additionally, there is a 5,000 square foot outdoor lounge on the second floor, as well as a 1,000 square foot landscaped roof terrace, offering 360-degree views of Manhattan and Queens. Residents also have access to a bike room and parking, as well as an on-site Zipcar location.

Greystone Capital Advisors, represented by Drew Fletcher, Matthew Klauer, and Bryan Grover, served as exclusive advisor on the transaction. “Lions Group has been one of New York City’s most active residential developers in Queens with multiple projects delivered or under construction. They have developed thoughtfully-designed, first-class buildings that stand out in their neighborhoods and we are extremely proud to have worked with them on this assignment,” said Mr. Fletcher.