Steiner sells majority stake in DoBro rental tower to JPMorgan fund

Partners also landed $330M refinancing for the property

New York /
Mar.March 22, 2019 05:45 PM

333 Schermerhorn Street in Brooklyn (Credit: Elegran)

Steiner NYC has sold a majority stake in the Hub, its 55-story Downtown Brooklyn rental tower.

The sale of the stake coincided with a $330 million refinancing of the property at 333 Schermerhorn Street, one of the borough’s tallest residential buildings, according to the developer.

“Simultaneous to our closing, we took some money off the table and brought in the bluest of blue-chip institutions as a partner, which is a great outcome for everyone,” chairman Doug Steiner said in the release.

A JPMorgan real estate equity fund was the partner, sources told The Real Deal. Property records show that a 62 percent stake in the Hub, worth $253 million, has been transferred to an LLC with an address at 277 Park Avenue, which is home to some of JPMorgan’s offices.

The valuation of that stake puts the building’s total value at about $408 million.

The new $330 million permanent loan comes from Nuveen Real Estate, and replaces a $300 million construction loan provided by Bank of America in 2015, with participation by CIT Bank, Helaba, Santander and TD Bank.

A JLL team led by Jonathan Schwartz, Aaron Appel, Kelly Gaines and Michael Diaz arranged the debt.

The 750-unit rental tower was completed in 2017 and includes 150 affordable units. The property includes street level retail on Schermerhorn Street, Livingston Street, and Flatbush Avenue, and will soon be home to Compass’ fourth Brooklyn office.


Related Articles

arrow_forward_ios
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
Brookfield Property Partners CEO Brian Kingston and 660 Fifth Avenue (Brookfield Properties, Getty Images)
Major asset manager moves to 660 Fifth Avenue
Major asset manager moves to 660 Fifth Avenue
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
50 Pennsylvania Avenue (LinkedIn, Pennrose)
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Billionaire entrepreneur Mark Cuban (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
212 Fifth Avenue, Thor's Joseph Sitt and Madison Equities CEO Robert Gladstone (Google Maps, Thor, Studio Scrivo)
Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth
Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...