New York Community Bank Refinances Greenpoint Rental Property With $113M Loan

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Stellar Management has nabbed a $113 million refinance for OTTO Greenpoint, its eight-story rental property in Greenpoint, Brooklyn, Commercial Observer has learned. 

New York Community Bank (NYCB) provided the five-year loan, which retires existing construction debt on the asset and includes an earnout provision.

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Cushman & Wakefield’s Alex Hernandez, Adam Spies and Steve Kohn advised Stellar in the deal, while Meridian Capital Group‘s Morris Betesh and Omar Ferreira advised NYCB. 

The Gene Kaufman Architect-designed property, located at 211 McGuinness Boulevard in Greenpoint, was completed in 2018. Stellar acquired several buildings along McGuinness Boulevard in 2014, demolishing them in 2015 in order to make way for the upscale rental project. 

Today, OTTO includes 240 apartments, 27,000 square feet of commercial space on the base of the structure and 100 on-site parking spaces. Building amenities include a community lounge, a library, coworking space, a gaming lounge, a penthouse fitness center and a rooftop with a pool, hot tub, lawn areas, outdoor TV and 360-degree views of New York City.

Sixty of the building’s rental units are reserved for low- and middle-income households, awarded through New York City’s affordable housing lottery.

Last month, NYCB provided another construction takeout financing along with preferred equity, for The Shoppes at 82nd Street, a retail property in the Jackson Heights neighborhood of Queens. 

And the C&W team has had a busy start to the year, also negotiating a $360 million refi for SL Green Realty Corp.‘s 100 Park Avenue, as first reported by CO yesterday.

Stellar Management officials weren’t immediately available for comment. A Cushman & Wakefield spokesperson declined to comment. NYCB officials couldn’t be reached.