Mack Real Estate and STRS Ohio Get $159M to Refi Brooklyn Multifamily Property
The luxury property features more than 46,000 square feet of commercial space.
Mack Real Estate Group along with the State Teachers Retirement System (STRS) of Ohio have received $159 million to refinance a Brooklyn multifamily property, according to a report from the Commercial Observer.
First opened in 2018, The Greenpoint features 368 units. Options for tenants to choose from include studios, as well as one, two, and three-bedroom apartments, spanning from 478 to 1,106 square feet. Rents range from just under $4,000 to $8,500 per month at the 40-story luxury building.
The Greenpoint, located at 21 India Street, has more than 46,000 square feet of commercial space. Plus, it comes with amenities such as a yoga room, a fitness center, a children’s room, lounges, a sundeck, and a parking garage that fits 297 spaces. Also, the NYC Ferry is within proximity to the property.
Newmark arranged the financing, with Apollo Global Management providing the loan.
The deal reflects Brooklyn’s “ongoing commitment to fostering high-quality residential and commercial spaces,” said Jordan Roeschlaub, Newmark’s co-president of global debt and structured finance, according to the Commercial Observer.
It’s unclear if and what improvements Mack and STRS Ohio plan on The Greenpoint.
In July, New York was the top multifamily market for starts, with 30,618 units permitted, an analysis by RealPage of U.S. Census Bureau and Department of Housing and Urban Development shows. That was up about 20% from the same month a year ago, and up more than 5% from June. Also, the New York City’s Rent Guidelines Board recently approved rent increases. This includes one-year leases inching up by 2.75 percent and two-year leases leaping by 5.25 percent.
STRS Ohio serves as a major public pension fund in the country Currently, it has over $90 billion in investments, according to the Commercial Observer.
Mack has grown its multifamily portfolio to roughly 9,000 units since its establishment in the 1960s, according to the investment firm. It also operates six million square feet of industrial space and has offices in New York, Phoenix, Seattle, Miami, and Raleigh.