RXR gets $143M refi for Brooklyn apartment complex

MetLife provided 10-year, fixed-rate loan at 363-unit mixed-use property

New York /
Sep.September 13, 2021 11:50 AM
RXR Realty CEO Scott Rechler and 475 Clermont Avenue in Brooklyn (Getty, Douglas Elliman)

RXR Realty CEO Scott Rechler and 475 Clermont Avenue in Brooklyn (Getty, Douglas Elliman)

RXR Realty is back in business in Clinton Hill, where the developer secured a $143 million refinancing loan for its 12-story multifamily development at 475 Clermont Avenue.

The 10-year, fixed-rate loan, courtesy of MetLife Investment Management, refinances a $125 million construction credit facility arranged in 2017 from JPMorgan Chase and People’s United Bank, according to Commercial Observer.

The development on the border of Clinton Hill and Fort Greene has 363 residential units for rent, 70 percent of which are luxury rentals while the remaining 30 percent are set aside as affordable. Amenities include a business center, children’s playroom, fitness center and a rooftop terrace.

The building also has more than 45,000 square feet for parking and almost 33,000 square feet for retail, including Brooklyn’s fourth-largest retail lease of 2020, when Fitness Factory Health Club became the building’s first retail tenant just prior to the pandemic. The company inked a 10-year lease for 18,000 square feet in January of last year.

RXR continues to make big bets on the apartment sector, despite financial headwinds caused by the pandemic. The refinancing follows a $60 million construction loan the developer received in January for a new 200-unit residential development in the Bronx.

In April, RXR entered into contract to buy the rental portion of a Dumbo luxury development at 85 Jay Street from CIM Group and LIVWRK for $220 million — the first major deal for a market-rate rental building since the start of the pandemic.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    (Photo Illustration by The Real Deal with Getty Images)
    US retail real estate rises from the ashes
    US retail real estate rises from the ashes
    Rubenstein Partners' David Rubenstein and 25 Kent Avenue in Williamsburg (Getty Images, Twenty Five Kent, Rubenstein Partners)
    Rubenstein rolls co-working company into 25 Kent
    Rubenstein rolls co-working company into 25 Kent
    Friedkin Property's David Friedkin 2 Canfield Avenue (LinkedIn, Google Maps, Getty)
    GID sells multifamily complex for $113M
    GID sells multifamily complex for $113M
    Regal Ventures’ Alexander Smith with 301 West 53rd Street (LinkedIn, Fifty Third and Eighth, Getty)
    Regal Ventures picks up Midtown retail condo in strong week of i-sales
    Regal Ventures picks up Midtown retail condo in strong week of i-sales
    Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
    Sutton faces foreclosure on Times Square American Eagle
    Sutton faces foreclosure on Times Square American Eagle
    26 Verandah Place and 30 Front Street in Brooklyn (StreetEasy, Getty)
    Brooklyn luxury contracts end September on a low note
    Brooklyn luxury contracts end September on a low note
    U.S. Treasury Secretary Janet Yellen
    NY gets more federal rent aid — but only 6% of need
    NY gets more federal rent aid — but only 6% of need
    Commissioner of the Division of Housing and Community Renewal's RuthAnne Visnauskas (Getty, NY Gov)
    Rent stabilization complaints piling up at agency
    Rent stabilization complaints piling up at agency
    arrow_forward_ios

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

    Loading...