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





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