September 17, 2021

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Mortgage News

Greystone Arranges $143.1 Million Permanent Loan to

NEW YORK, September 13, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, today announced that RXR Realty has granted a $ 143,100,000 standing loan to affiliates to refinance 475 Clermont, a premier apartment building at the intersection of Fort Greene, Clinton Hill and Prospect Heights, arranged in Brooklyn, New York. Greystone Capital Advisors’ debt advisory team, led by Drew Fletcher and Matthew Hirsch, was the exclusive advisor to RXR. The new 10 year fixed rate loan was provided by a subsidiary of MetLife Investment Management and refinances a $ 125,000,000 construction loan facility from JP Morgan and People’s United Bank, also arranged by Greystone in 2017.

475 Clermont is a 12-storey luxury apartment building “70/30” with 363 residential units, approx. 33,000 square meters of retail space and over 45,000 square meters of parking space. The property’s residential units were designed by Aufgang Architects & Durukan Design and have in-unit washers and dryers, 2 to 3-foot ceilings, private patios, expansive views of Manhattan and Brooklyn, and kitchens with stainless steel appliances from Beko, Bertazzoni and Fischer & Paykel. The property’s amenity package includes a business center with a meeting room, a children’s room with an adjoining outdoor play area, a state-of-the-art fitness center with an outdoor fitness deck and a roof terrace with lounge areas, fireplaces, outdoor games, a cinema screen, grill stations and dining areas. The property also features a leafy courtyard with a 7-story mural painted by. was designed and painted Mona Caron.

“We value our collaboration with financial partners like Greystone,” said RXR Realty President Michael Maturo. “Your commitment to 475 Clermont – from construction to long-term financing – continues to support RXR’s vision and success of creating lasting value for the communities in which we develop and operate.”

“RXR has established itself as a leading institutional owner and developer of apartment buildings in the NY Metro Market, and 475 Clermont is yet another example of the company’s vision and success in delivering quality housing to emerging neighborhoods,” said Drew Fletcher. President of Greystone Capital Advisors. “We are delighted to have worked with RXR on this incredible project, starting with the original home loan and now back in the permanent financing phase as RXR’s vision for Fort Greene becomes a reality.”

About Greystone
Greystone is a privately held national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, ranked as one of the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and / or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital broker and advisory team serving a select group of the best-known real estate owners and developers in the United States. For more information, see www.greystone.com.

About RXR
RXR is a New York-based, vertically integrated real estate owner, investor, operator, and developer committed to building socially, economically, and environmentally responsible communities. RXR has a world-class multidisciplinary real estate operations, construction, development and investment management platform with over 500 employees with expertise in a variety of value-adding activities including underperforming asset repositioning, construction management, value-adding credit and real estate development.

RXR’s primary investment strategy is focused on New York City and the surrounding area. The RXR platform manages 74 commercial properties, a multi-family residential portfolio of approx. 3,400 units in operation or development and the control of development rights for a further approx. 2,900 multi-family and for sale units in the New York metropolitan area from September 30, 2020.

About MetLife
MetLife Investment Management has been in the real estate business since 1878, working on behalf of mortgage lenders, property developers and property owners. The company employs more than 200 real estate investment professionals in 7 regional US offices as well as international offices in London, Mexico City, Santiago and Tokyo.

MetLife’s global network helps you stay close to customers and be better positioned to meet your unique commercial real estate needs for mortgages, leases, sales, acquisitions, joint ventures and capital transactions. The company’s experience spans all major property types including office, retail, industrial, multi-family and full-service hotels.

PRESS CONTACT:
Karen Marotta
Gray stone
212-896-9149
[email protected]