Profit Wire

Greystone Arranges $178 Million Refinance for Rose Associates & Benenson Capital Partners’ 368-Unit Rental Tower in Downtown Brooklyn

Jul 03, 2019

Profit Wire

NEW YORK,-- Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $178,000,000 permanent loan made to a joint-venture between affiliates of Rose Associates and Benenson Capital Partners to refinance Hoyt & Horn, a brand new 26-story, 368-unit “80/20” mixed-income multifamily rental apartment located at 210 Livingston Street in Downtown Brooklyn. The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s (“HFA”) “80/20” Housing Program (“HFA”) with secondary market credit enhancement. The new permanent loan replaces the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.

Hoyt & Horn was built in 2018. It features beautifully appointed modern designs with oversized windows and an extensive amenity package that includes a 24-hour attended lobby, bicycle storage, outdoor decks, a state-of-the-art fitness center, golf simulator, game room, and parking. Hoyt & Horn’s Downtown Brooklyn location has superb transportation accessibility, and it is near world-class entertainment centers, top-notch dining, and a variety of retail. The Brooklyn Academy of Music (“BAM”), City Point, Whole Foods, Apple, Atlantic Terminal and the Barclays Center are all within a short walking distance from the property.

Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property with an expected open date in late 2019. The Sponsors are currently marketing additional Class A retail space, including 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street.

Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Associate Bryan Grover. “Rose Associates and Benenson are two of the most highly respected and successful real estate owners and developers in New York City and we are thrilled to have represented both firms on this transaction,” said Mr. Fletcher. “The combination of elite sponsorship, market leading design and amenities and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients.”   

Richard Kessler, chief operating officer of Benenson Capital Partners, joined Marc Ehrlich, chief investment officer of Rose Associates, and Michele Bengelsdorf, a director at Rose Associates, collectively shared, “The Greystone team worked tirelessly and creatively to structure a loan facility that allowed us to achieve our goals without sacrificing leverage or pricing. We are impressed that they were able to accomplish this at a time when major changes to rental laws were being legislated in Albany.”

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, EB-5 and other proprietary loan products. Loans are offered through Greystone Servicing Company LLC Greystone Funding Company LLC, and/or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team that services a select group of the most prominent real estate owners and developers in New York City and across the U.S. 

About Benenson Capital Partners 
The Benenson group of companies dates back to 1905 and is still controlled by the Benenson family. Benenson Capital Partners is a leader among privately held operating companies in real estate investment, development and asset management. BCP manages 150 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States, Canada and Europe on behalf of the Benenson group of companies. The company focuses on core, value add and opportunistic investments across all major property sectors, as well as its historic leadership in the ownership of single-tenant triple-net leased properties occupied by major corporate tenants.

About Rose Associates, Inc.
Rose Associates is a premier real estate firm specializing in luxury multifamily rental properties in New York City and the tri-state area. Focused on the development, acquisition and management of the highest quality assets, the firm has completed over $2 billion of adaptive reuse and ground-up projects over the past six years. Rose’s management platform incorporates state-of-the-art services to maximize revenue and enhance asset value, ensuring that Rose properties consistently outperform the market. Under the leadership of CEO and President Amy Rose, the firm is pursuing a diverse, aggressive growth strategy to expand its 14,000-unit portfolio and raise $1 billion by 2020 to execute new transit-oriented developments in the five boroughs, New Jersey and Westchester.

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