Apollo Global Management Provides $159M Refi for Brooklyn Multifamily Property

Mack Real Estate Group and the State Teachers Retirement System of Ohio have secured $159 million to refinance The Greenpoint, a 40-story, 368-unit luxury multifamily building that opened in Brooklyn in 2018, Commercial Observer has learned. 

Apollo Global Management (APO) provided the loan, while Newmark (NMRK)’s Jordan Roeschlaub, Chris Kramer and Peter Griesinger arranged the financing. 

Roeschlaub, who serves as Newmark’s co-president of global debt and structured finance, noted in a statement that the deal reflects the investment community’s “ongoing commitment to fostering high-quality residential and commercial spaces” across New York City, which includes deal that improve both the living and working environment of Brooklyn. 

“We’re grateful to have worked on this transaction,” he added. 

Located at 21 India Street in Greenpoint — a popular residential neighborhood nestled between Brooklyn and Queens right along the East River waterfront — The Greenpoint opened in 2018 and features multifamily units with sweeping views of Manhattan. 

With units ranging from studios to three-bedrooms, the Greenpoint carries average rents that stretch from $4,000 per month to $8,500 per month, according to Apartments.com. The building’s amenities include a 297-space on-site parking garage, a yoga room, a lounge, a sundeck, a fitness center, a children’s room, and a residents’ lounge. 

The property also features more than 46,000 square feet of commercial space. It is unclear which tenants are leasing the commercial space. 

Mack Real Estate Group is a family-owned real estate investment firm that has been developing and investing in commercial properties since the 1960s. The firm has more than 9,000 residential units in its portfolio. 

The State Teachers Retirement System of Ohio (STRS Ohio) is one of the largest public pension funds in the nation. STRS Ohio began pooling contributions in the 1920s and today holds more than $90 billion in fiduciary positions across the investment landscape. 

Brian Pascus can be reached at bpascus@commercialobserver.com