Brooklyn Multifamily at 210 Livingston St. Receives $179M
Rose Associates and Benenson Capital Partners refinanced the Downtown Brooklyn residential tower.
NEW YORK CITY—The joint venture of Rose Associates and Benenson Capital Partners refinanced Hoyt & Horn, their new 26-story rental tower at 210 Livingston St. in Downtown Brooklyn for $179 million. The 386-unit building is a mixed-income, multifamily residential complex.
Greystone Capital Advisors negotiated the 15-year, fixed-rate loan provided by Wells Fargo Multifamily Capital. It was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s “80/20” Housing Program with secondary market credit enhancement. The new permanent loan replaces the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.
Led by president Drew Fletcher, with support from managing director Matthew Klauer and associate Bryan Grover, Greytstone served as exclusive advisor on the deal representing both Rose Associates and Benenson.
“The combination of elite sponsorship, market leading design and amenities and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients,” says Fletcher.
Beneson Capital Partners and Rose Associates commended Greystone’s work in structuring a loan that allowed them to reach their goals without sacrificing leverage or pricing. Their joint statement added, “We are impressed that they were able to accomplish this at a time when major changes to rental laws were being legislated in Albany.”
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