Greystone Arranges $178M Refinancing for 26-Story Apartment Tower in Brooklyn

Hoyt & Horn, built in 2018, features 368 units.

NEW YORK CITY — Greystone has arranged a $178 million permanent loan for the refinancing of Hoyt & Horn, a new 26-story apartment tower in downtown Brooklyn. Wells Fargo Multifamily Capital provided the loan to the borrower, a joint venture between affiliates of Rose Associates and Benenson Capital Partners.

The 15-year, fixed-rate loan 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. Under the 80/20 program, 20 percent of the units within a building are set aside for low- and moderate-income households. The new financing replaces the original $158 million construction loan provided by J.P. Morgan and SunTrust Bank.

Built in 2018, Hoyt & Horn is a mixed-income rental community with 368 units. It features a lobby, bicycle storage, fitness center, golf simulator, game room and outdoor decks.

Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property and is expected to open late this year. An additional 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street are currently available for lease.

Drew Fletcher of Greystone Capital Advisors served as exclusive advisor on the transaction, with support from colleagues Matthew Klauer and Bryan Grover.

Rose Associates specializes in luxury multifamily rental properties in New York City and the tri-state area. The firm has completed more than $2 billion of adaptative reuse and ground-up projects over the past six years. Rose is pursuing a growth strategy to expand its 14,000-unit portfolio and raise $1 billion by 2020 to execute new transit-oriented developments in the five boroughs, New Jersey and Westchester.

Benenson Capital Partners is a privately held real estate investor and developer. The firm manages 150 properties, including retail, office, industrial, multifamily and hospitality nationwide on behalf of the Benenson group of companies.

— Kristin Hiller

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Webinars on Demand


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties