Hope Street Lands $300M Recap for Brooklyn Community
The 284-unit high-rise came online in 2022.
Hope Street Capital has obtained about $300 million for the recapitalization of The Axel, a 29-story, 284-unit multifamily property in Brooklyn, N.Y., from Alpaca Real Estate. The Class A high-rise broke ground in 2020 and came online in 2022.
Previous financing for this community includes a $126.2 million loan originated by MF1 Capital in November 2022, according to Yardi Matrix information, and a $129.3 million note from Affinius Capital dating back to 2020.
Hope Street Capital developed the tower, which was 97 percent leased at the time of recapitalization. Designed by Morris Adjmi Architects, the high-rise consists of studio, one-, two- and three-bedroom layouts, as well as 60,000 square feet of retail space. A total of 80 units are reserved as affordable.
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Common-area amenities include a full-floor club level with conference room, a game lounge and terrace, fitness center with terrace, yoga and Pilates studio, a dining and entertaining room with a terrace. Additionally, the community also has a golf and sports simulator, a saltwater swimming pool with sun deck, sky park, outdoor kitchen and barbecue area, along with a rooftop terrace.
The transit-oriented tower is at 545 Vanderbilt Ave., close to a host of dining and retail opportunities. JFK International Airport is within 10 miles.
Multifamily developers still land financing
Despite higher interest rates and lower loan-to-cost ratios, multifamily remains one of the steadiest real estate sectors, with projects in high-performing markets still receiving financing. In April, The Gotham Organization, in a partnership with Monadnock Development, the Christian Cultural Center, Reverend A.R. Bernard and New York City & State obtained $270 million in construction financing for the first phase of the Innovative Urban Village.
A few months later, The Jay Group received $160 million in refinancing for 101 Fleet Place, a 294-unit community in Brooklyn. The developer will use the funds to complete the construction of the 21-story tower, which is expected in early 2025.
