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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.”
NEW YORK – JLL announced today that it has arranged $97.5 million in financing for the development of the second phase of Atlantic Station, a luxury mixed-use residential and retail property in downtown Stamford, Connecticut.
JLL worked exclusively on behalf of the developer, RXR Realty, to secure the floating-rate construction loan through Bank OZK. The development of the second phase of Atlantic Station follows the success of the first phase, which consists of 325 luxury rental units along with 321 on-site, structured parking spaces and 16,000 square feet of retail. The first phase was delivered in January 2018 and experienced strong leasing velocity due to heavy demand for luxury rental units in the area.
The 26-story second phase of the Atlantic Station project will consist of 325 condo-quality units, approximately 48,000 square feet of retail and a 534-space structured parking garage. The retail component is 100% pre-leased to three tenants: The Learning Experience, Work Well Win and Dogtopia. In addition to the sweeping views and brand-new construction, the amenity package for Phase II includes a 24-hour staffed lobby, a fitness center with floor-to-ceiling glass, resident lounge, outdoor landscaped deck and an elevated swimming pool deck. Units will feature nine-foot ceilings, balconies, hardwood floors, stainless steel appliances, stone countertops, and in-unit washers and dryers. Atlantic Station Phase I and Phase II are located at 355 Atlantic Street and 405 Atlantic Street, respectively. The development is within walking distance to the Stamford Transportation Center, which provides access to New York’s Grand Central Station within 45 minutes via the Metro-North Railroad as well as Amtrak and ConnDOT for connectivity to regional destinations such as New Haven, Boston, Washington, D.C. and New Jersey. In addition, the development is within a half mile of Interstate 95 and near a Harbor Trolley stop for local transportation. Completion is expected in 2021.
The JLL Capital Markets team representing RXR Realty included Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti and Director Scott Findlay.