RXR Secures $143M Refi for Brooklyn Property

Greystone arranged the loan for the 363-unit mixed-use community.
475 Clermont. Image courtesy of Greystone

RXR Realty has refinanced 475 Clermont, a 12-story, 363-unit luxury mixed-use multifamily  building in Brooklyn, N.Y., with a $143.1 million permanent loan from an affiliate of MetLife Investment Management.

The 10-year, fixed-rate loan refinances a $125 million construction credit facility from J.P. Morgan and People’s United Bank that was secured in 2017. 

Located at the intersection of the Fort Greene, Clinton Hill and Prospect Heights neighborhoods, the property opened in November 2019. The community rents 70 percent of its units at market rate, while 30 percent are retained as affordable apartments.

Greystone Capital Advisors debt advisory team, led by Drew Fletcher and Matthew Hirsch, arranged the refinancing and served as the exclusive advisor to RXR. The 2017 loan was also arranged by Greystone.

Fletcher, president of Greystone Capital Advisors, said in a prepared statement 475 Clermont was an example of RXR’s vision and success in delivering high-quality housing to emerging neighborhoods. He added Greystone was excited to have worked on the project from the beginning by securing the original construction financing and seeing the project through to the permanent financing stage.

Property Details

The property, which also has 33,000 square feet of retail and more than 45,000 square feet of parking, was designed by Aufgang Architects & Durukan Design. The building has studio, one- and two-bedroom units with 9- to 11-foot ceilings and private terraces with views of Manhattan and Brooklyn.

The apartments feature in-unit washers and dryers and kitchens with stainless steel appliances by Beko, Bertazzoni and Fisher & Paykel. Amenities include a business center with meeting room; children’s room with outdoor play area; state-of-the-art fitness center with a yoga studio and outdoor fitness deck; pet spa and a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations and dining areas.

The property also has a landscaped courtyard with a seven-story mural designed and painted by Mona Caron, a San Francisco-based artist who has created murals across the globe.

Nearby attractions include the BAM Cultural District, Downtown Brooklyn, Brooklyn Museum, Barclays Center, Prospect Park and the Brooklyn Botanic Garden. The C Subway line is one block east and the A, B, D, G, N, Q, R, 2, 3, 4 and five subway lines are within half a mile.

More Housing

Also in Brooklyn, RXR is leasing The Willoughby, a 34-story, 476-unit luxury residential building at 196 Willoughby St. in the Fort Greene area. RXR topped out the high-rise property built on the downtown Brooklyn campus of Long Island University in September 2020.

Development started in September 2019 at the property that is also a 70/30 residential building with 30 percent reserved as affordable units.

Earlier this year, RXR topped out One Clinton Park, a 28-story, mixed-use tower in downtown New Rochelle, N.Y., that will have 352 apartments and more than 13,000 square feet of retail space when completed in early 2022.

The firm expects to begin construction on a second tower at the site at South Division and Church streets early next year.