RXR Realty has refinanced 475 Clermont, a 12-story, 363-unit, luxury mixed-use apartment building in Brooklyn, NY, with a $ 143.1 million standing loan from a subsidiary of MetLife Investment Management.
The 10-year fixed rate loan refinances a $ 125 million home loan facility from JP Morgan and People’s United Bank that was secured in 2017.
Located at the intersection of Fort Greene, Clinton Hill and Prospect Heights, the property opened in November 2019. The municipality lets 70 percent of its units at market price, while 30 percent remains as affordable apartments.
Greystone Capital Advisors’ debt advisory team, led by Drew Fletcher and Matthew Hirsch, arranged the refinancing and acted as the exclusive advisor to RXR. The loan for 2017 was also arranged by Greystone.
Fletcher, President of Greystone Capital Advisors, said in a prepared statement that 475 Clermont is an example of RXR’s vision and success in delivering quality housing to emerging neighborhoods. He added that Greystone was thrilled to have worked on the project from the beginning by securing the original construction financing and accompanying the project through to the permanent financing phase.
Details of the property
The property, which also has 33,000 square meters of retail space and more than 45,000 square meters of parking space, was designed by Aufgang Architects & Durukan Design. The building has studio, one, and two-bedroom units with 9 to 11 foot ceilings and private decks with views of Manhattan and Brooklyn.
The apartments have built-in washing machines and dryers and kitchens with stainless steel appliances from Beko, Bertazzoni and Fisher & Paykel. Amenities include a business center with meeting room; Children’s room with outdoor play area; state-of-the-art fitness center with yoga studio and outdoor fitness deck; Pet spa and a roof terrace with lounge areas, fireplaces, outdoor gaming, cinema screen, grill stations and dining areas.
The property also features a leafy courtyard with a seven-story mural designed and painted by Mona Caron, a San Francisco-based artist who has created murals around the world.
Nearby attractions include the BAM Cultural District, Downtown Brooklyn, the Brooklyn Museum, Barclays Center, Prospect Park and the Brooklyn Botanic Garden. The C subway line is one block east and the A, B, D, G, N, Q, R, 2, 3, 4, and five subway lines are within a 800 radius m.
Also in Brooklyn, RXR is renting The Willoughby, a 34-story, 476-unit luxury residential building located at 196 Willoughby St. in the Fort Greene area. RXR crowned the high-rise building on the Long Island University campus in downtown Brooklyn in September 2020.
In September 2019, development began on the property, which is also a 70/30 residential building and 30 percent are reserved as affordable units.
Earlier this year, RXR crowned One Clinton Park, a 28-story mixed-use tower in downtown New Rochelle, NY that will have 352 homes and more than 13,000 square feet of retail space when completed in early 2022.
The company expects to begin construction of a second tower on the site in South Division and Church Street early next year.