Brooklyn Mixed-Income Tower Lands $178M Loan
- Jul 03, 2019
A joint venture between affiliates of Rose Associates and Benenson Capital Partners has received a $178 million permanent loan to refinance Hoyt & Horn, a new 26-floor, 368-unit mixed-income community in Brooklyn. Greystone closed on the 15-year fixed-rate loan, which was originated by Wells Fargo Multifamily Capital and replaces the original $158 million construction loan provided by J.P. Morgan and Suntrust Bank.
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The new financing was structured as a direct purchase of bonds, both taxable and tax-exempt, issued through the New York State Housing Finance Agency’s 80/20 Housing Program. President Drew Fletcher led the team at Greystone Capital Advisors that served as exclusive advisor on the financing deal, with support from Managing Director Matthew Klauer and Associate Bryan Grover.
Built last year, Hoyt & Horn is located at 210 Livingston St. and features modern designs with oversized windows. Amenities include a 24-hour attended lobby, fitness center, golf simulator, outdoor decks and parking. The property is located within a few blocks of the Jay St.–MetroTech, DeKalb Av, Nevins Street and Hoyt–Schermerhorn subway stations, serving a plethora of lines.
The neighborhood is also home to the Brooklyn Academy of Music, the Atlantic Terminal Mall, the Barclays Center arena, a Whole Foods and Apple store. Starbucks is expected to open on the ground floor of the tower late this year, after recently signing a 10-year lease for 2,050 square feet. Additional Class A retail space is currently on the market, including 7,500 square feet on Livingston Street and 3,600 square feet on Schermerhorn Street.
Under the 80/20 Housing Program, HFA offers tax-exempt financing to rental developments where at least 20 percent of the units are designated for very low-income residents.