MetLife Refinances RXR Realty’s 475 Clermont in Brooklyn With $143M Loan
By Andrew Coen September 10, 2021 12:49 pm
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RXR Realty has secured $143 million of permanent financing to refinance a mixed-use, multifamily property in Brooklyn, Commercial Observer has learned.
MetLife Investment Management supplied the 10-year, fixed-rate loan to affiliates of RXR for 475 Clermont, a rental apartment building located along the border of Brooklyn’s Clinton Hill and Fort Greene neighborhoods. A Greystone Capital Advisors debt advisory team led by Drew Fletcher and Matthew Hirsch led the transaction as exclusive advisor to RXR.
The debt package refinances a $125 million construction credit facility from JPMorgan Chase and People’s United Bank, that was also arranged by Greystone in 2017.
“We appreciate our collaborative relationship with financial partners like Greystone,” RXR President Michael Maturo said in a statement. “Their commitment to 475 Clermont — from construction to long-term financing — further supports RXR’s vision and success in creating enduring value to the communities in which we develop and operate.”
MetLife declined to comment.
Located at 475 Clermont Avenue, the 12-story property comprises 363 residential units, roughly 33,000 square feet of retail and more than 45,000 square feet of parking. Seventy percent of the apartments are luxury, with 30 percent set aside as affordable housing under New York City’s program for tax abatements on new developments.
The building’s amenities include a business center with meeting room, children’s room with adjacent outdoor play area, fitness center, a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations and dining areas. The property, which was designed by Aufgang Architects and Durukan Design, also features a landscaped courtyard with a seven-story mural painted by artist Mona Caron.
“RXR has established itself as one of the premier institutional owners and developers of multifamily housing in the New York metro market, and 475 Clermont is another example of the firm’s vision and success in delivering high-quality housing to emerging neighborhoods,” Greystone’s Fletcher said in a statement. “We are excited to have worked with RXR on this incredible project, beginning with the original construction financing and now again at the permanent financing stage as RXR’s vision for Fort Greene comes to fruition.”
Andrew Coen can be reached at acoen@commercialobserver.com.
