search

The Real Deal Logo

Trending

Developer Brandon Miller in intensive careDeveloper Brandon Miller in intensive careWayne Newton’s former estate near Las Vegas hits market for $31MWayne Newton’s former estate near Las Vegas hits market for $31MDowners Grove office building saddled with delinquent $45M loanDowners Grove office building saddled with delinquent $45M loanDR Horton drops $65M for 97 acres in HomesteadDR Horton drops $65M for 97 acres in Homestead
Commercial
New York

Avery Hall snags $140M refi from KKR for Brooklyn rentals

Luxury apartments at One Boerum Place replaced low-scale offices

Avery Hall’s Brian Ezra and Avi Fisher with rendering of One Boerum Place (Avery Hall, One Boerum Place, Getty)
Avery Hall’s Brian Ezra and Avi Fisher with rendering of One Boerum Place (Avery Hall, One Boerum Place, Getty)

Avery Hall scored $140.3 million from private equity giant KKR to refinance its luxury rental building One Boerum.

KKR affiliate Forethought Life Insurance Company provided the loan for the 22-story luxury rental building above the Borough Hall subway station in Downtown Brooklyn, records show.

The loan replaces debt from Canadian asset manager QuadReal. Avery Hall declined to comment. JLL’s Christopher Peck and Peter Rotchford represented Avery Hall in the deal.

The 250,000 square-foot building was originally set to be condos but the developers pivoted to luxury rentals before it was completed.  The developers, a joint venture headlined by Avery Hall, landed an approximately $176.5 million debt package to recapitalize the Brooklyn tower in 2021.

Avery Hall bought the development site for about $77 million in 2016, razed the four-story Brooklyn Law School building there and purchased air rights from an adjacent property for $16 million. It secured a $165 million construction loan from the British Columbia Investment Management Corporation in 2019.

Avery Hall’s One Boerum Place Snags $140M Refi From KKR
KKR’s Adam Simon

Sign Up for the undefined Newsletter

Amenities in the 138-unit building include a lap swimming pool, two-story gym, pet spa, playroom, communal roof with an outdoor kitchen, and automated parking for 47 vehicles.

The building is fully leased, according to Avery Hall’s website. Tenants in the 22,000-square-foot retail space include the food chain Chopt, a salon space rental company and Mighty Quinn’s barbecue restaurant.

A lease was signed in 2021 for one of the large penthouses at the development for $27,000 a month, the most ever paid for a Brooklyn apartment, Commercial Observer reported at the time.

The documents for the refinancing were signed by Adam Simon, who appears to be a managing director at KKR.

Read more

A rendering of One Boerum Place with Avery Hall Investments' Avi Fisher (top) and Brian Ezra (SLCE Architects, Avery Hall Investments)
Residential
New York
Shifting gears: Brooklyn condo tower to debut as rental
1 Boerum Place in Brooklyn and Avery Hall founding partner Avi Fisher (Avery Hall)
Commercial
New York
One Boerum Place lands $177M recapitalization
Popular
New York
Avery Hall lands $165M construction loan for DoBro condo tower
Companies and People
Avery Hall InvestmentsKKR
Tags
KKRMultifamilyRefinancing
Recommended For You