Trending Multifamily News
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.”
JLL arranged the loan for the best-in-class boutique property with ground-floor retail
WASHINGTON, D.C., July 8, 2020 – JLL Capital Markets announced today that it has arranged a $34.25 million refinancing for Element 28, a 101-unit, best-in-class boutique apartment building with 3,500 square feet of ground-floor retail space in Bethesda, Maryland.
JLL worked on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER, to place the three-year, floating-rate loan with two one-year extension options with MetLife Investment Management. Loan proceeds will be used to refinance existing debt.
Constructed in 2017, Element 28’s mix of one- two- and three-bedroom units features best-in-class unit features, including Bosch and Thermador appliances with paneled refrigerators and dishwashers, designer lighting package with island pendants and kitchen task lighting, MechoShade blinds, white quartz and granite countertops, glass kitchen backsplashes, wood plank flooring, private terraces, custom closet shelving and stone-tiled spa showers and soaking tubs. Community amenities include a 24-hour concierge, WiFi lounge with complimentary coffee, temperature-controlled wine lockers, conference room fitness studio, retractable glass-walled rooftop lounge, green roof areas, plaza accessible bike parking, bike storage and transit screen providing real time status of transit options.
Element 28 is at 100 Commerce Lane, an irreplaceable location steps from the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda’s live-work-play area. With a WalkScore® of 95, which categorizes the property as a “Walker’s Paradise,” Element 28 is one block from the Bethesda Metro Station and near the high-end shopping at Bethesda Row and Woodmont Triangle.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Kelly Gaines, Senior Director Jennifer Keller, Managing Director Jamie Leachman and Associate Amy Lousararian.
“The strength of the sponsorship, Class A+ product and core location in one of the most sought-after markets in the D.C. Metro all contributed to tremendous interest from the lending community,” Leachman said. “JLL is thrilled to have helped the partnership close this transaction with Met Life, who performed flawlessly and never wavered during these uncertain times.”