The Real Deal New York

RXR lands hefty refi for one of Brooklyn’s priciest office buildings

Loan totaling $157M came from Bank of America
By Eddie Small | March 05, 2019 12:30PM

470 Vanderbilt Avenue and RXR Realty CEO Scott Rechler (Credit: RXR Realty and Getty Images)

Scott Rechler’s RXR Realty has landed a $157 million loan from Bank of America to refinance its leasehold at 470 Vanderbilt Avenue in Brooklyn, according to property records.

The financing package includes a gap mortgage for $15 million.

Meridian Capital Group’s Rael Gervis and Richard Sutton negotiated the loan.

RXR acquired the building in 2014 for just under $195 million, its first purchase in Downtown Brooklyn, and one of the largest office deals in borough history. The firm quickly got going on a $74 million renovation and upgrade to the property, which stands 10 stories tall and spans 650,000 square feet.

ResCare Workforce Services just inked a 10-year lease in the building for 59,000 square feet, one of the largest office leases in February. Other tenants at the building include the New York City Housing Authority and the New York City Human Resources Administration.

Avery Hall recently landed a $165 million construction loan for its Downtown Brooklyn project at One Boerum Place. Other developments coming to the neighborhood include Tishman Speyer’s 480-unit project at 11 Hoyt Street and Gary Barnett’s 458-unit Brooklyn Point tower.