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RXR refinances Brooklyn multifamily development with $143M loan

Greystone has arranged a $143,100,000 permanent loan for affiliate entities of RXR Realty to refinance 475 Clermont, a rental building in Brooklyn.

The Greystone Capital Advisors debt advisory team, led by Drew Fletcher and Matthew Hirsch, served as exclusive advisor to RXR. The new 10-year, fixed-rate loan was provided by an affiliate entity of MetLife Investment Management and refinances a $125,000,000 construction credit facility from J.P. Morgan and People’s United Bank that was also arranged by Greystone in 2017.

475 Clermont is a 12-story luxury “70/30” multifamily residential building with 363 residential units, approximately 33,000 s/f of retail, and over 45,000 s/f of parking.

Designed by Aufgang Architects & Durukan Design, the property’s amenity package includes a business center, children’s room with adjacent outdoor play area, fitness center with outdoor fitness deck, and a roof terrace with lounge areas, fireplaces, outdoor gaming, movie screen, grilling stations, and dining areas. The property also features a landscaped courtyard with a seven-story mural designed and painted by Mona Caron.

“We appreciate our collaborative relationship with financial partners like Greystone,” stated RXR Realty’s president, Michael Maturo. “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.”

“RXR has established itself as one of the premier institutional owners and developers of multifamily housing in the NY Metro Market, and 475 Clermont is another example of the firm’s vision and success in delivering high-quality housing to emerging neighborhoods,” said Drew Fletcher, President of Greystone Capital Advisors. “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.”

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