Newmark Group and Greystone Capital Advisors have successfully arranged $560 million in floating-rate debt for 3ELEVEN, a luxury apartment tower located on Manhattan’s West Side. The financing was secured on behalf of Ares Management and Douglaston Development to repay the HSBC construction loan. This achievement was made possible through the collaboration of Newmark’s Jordan Roeschlaub, Nick Scribani, Jonathan Firestone, as well as Drew Fletcher, Paul Fried and Bryan Grover from Greystone Capital Advisors.
According to Firestone: “Our team’s ability to navigate the complexities of this market has resulted in securing favorable financing terms for this transaction.”
Fletcher also expressed his excitement about facilitating such a significant refinancing deal for 3ELEVEN. He highlighted the exceptional quality and appeal of the property while acknowledging that it would not have been possible without strong collaboration between Ares Management, Douglaston Development, Newmark Group and their team at Greystone Capital Advisors.
Completed just over a year ago with an impressive occupancy rate of 99%, 3ELEVEN benefits from a tax abatement program under New York State’s now-discontinued 421-a program which requires reserving some units for affordable housing. The property spans Eleventh Avenue between West 29thand West30th streets.
The partnership between Ares/Douglaston received legal advice from Fried Frank led by real estate partner Laurinda Martins along with associates Michael Turo,Kevin Hartnett,and Morgan Mitchell during this successful refinancing process.
