Kayne Anderson Real Estate Advisors has received a $106.7 million loan for 21 Clark Street in Brooklyn Heights, where the Florida-based private equity firm is planning a new luxury senior living property.
Wells Fargo provided the loan, according to property records filed with the city.
The building is one of many Brooklyn properties sold off by Jehovah’s Witnesses, and Kayne purchased it late last month for $202.5 million. The company plans to use the funds to renovate the property.
Kayne hopes its luxury senior living project will give it a chance to cash in on the increased demand for assisted living space as baby boomers get older.
Jehovah’s Witnesses have been selling off their 36 buildings in Brooklyn over the past few years as they fully relocate to Warwick, New York. The religious group sold their buildings at 97 Columbia Heights and 119 Columbia Heights in August for a total of $76 million.