Hub in Downtown Brooklyn
NEW YORK CITY—Steiner NYC received $330 million to refinance its 55-story Brooklyn residential skycraper located at 333 Schermerhorn St. The fully leased, 610-foot building, called Hub, is the largest apartment tower in Brooklyn. It is located close to many of the borough's most popular neighborhoods including Boerum Hill, Fort Greene, Brooklyn Heights, Park Slope and Downtown Brooklyn. The loan was provided by Nuveen, a subsidiary of TIAA. Terms of the refinancing were not disclosed.
Completed in 2017, the apartment tower was developed by Steiner NYC and designed by Dattner Architecths. It has 750 rental units, 150 of which are affordable housing. The building's modern features include floor-to-ceiling glass windows, nine-to-ten-foot ceiling heights and more than 40,000 square feet of amenity space. The property also includes street-level retail.
“It's extremely gratifying to develop a project so well received by the marketplace, so attractive to a top-tier lender like Nuveen,” says Doug Steiner, chairman of Steiner NYC. “Simultaneous to our closing, we took some money off the table and brought in the bluest of blue chip institutions as a partner, which is a great outcome for everyone.”
The permanent loan replaces the $300 million in construction financing led by Bank of America, with CIT Bank, Heleba, Santander and TD Bank as additional lenders.
Steiner NYC is known for constructing and managing Steiner Studios, a 780,000-square-foot film and TV production studio on 50 acres in Brooklyn Navy Yard.
The company is also developing Admirals Row, a 686,000-square-foot mixed-use asset. It will house New York's first Wegmans Supermarket that's scheduled to open this fall. The development will have additional retail space, a 5,000-square-foot community facility, parking, light industrial and creative office space leased to the Brooklyn Navy Yard Development Corporation.
Steiner NYC also recently completed Steiner East Village, an 82-unit luxury condominium in the East Village.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
