Newmark Group and Greystone Capital Advisors have successfully arranged a $560 million floating-rate debt for Ares Management and Douglaston Development. The financing was secured for 3ELEVEN, a luxurious 938-unit apartment tower located on Manhattan’s West Side, just south of Hudson Yards. This transaction involved the repayment of HSBC’s construction loan and was skillfully negotiated by Newmark’s Jordan Roeschlaub, Nick Scribani, Jonathan Firestone in collaboration with Drew Fletcher, Paul Fried, and Bryan Grover from Greystone Capital Advisors.
According to Firestone: “Our team’s ability to navigate the complexities of the market has resulted in securing favorable financing terms for this complex transaction.”
Fletcher also expressed his excitement about facilitating this significant refinancing deal for 3ELEVEN. He highlighted the exceptional quality and appeal of the property as well as the 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 that spans over three decades in exchange for reserving some units under New York State’s now-discontinued affordable housing program known as “421-a.” The property is situated along Eleventh Avenue between West29thandWest30th streets.
A Fried Frank legal team led by real estate partner Laurinda Martins advised Ares/Douglaston partnership on this financing deal. Other members included real estate associates Michael Turo,Kevin Hartnett,and Morgan Mitchell.
