RXR Realty Lands $182M Refi for NYC Asset

The 665,000-square-foot office property, 470 Vanderbilt, is located in the Clinton Hill neighborhood of Brooklyn. Meridian Capital Group arranged the financing.
470 Vanderbilt

Affiliates of RXR Realty have secured $182 million to refinance 470 Vanderbilt, the firm’s Brooklyn office property. The 665,000-square-foot office building was acquired by RXR in 2014 and is currently 97 percent leased.

Located in the Clinton Hill neighborhood, the 10-story property features Class A office space that is currently leased to governmental agencies. Originally built in 1915 as an industrial warehouse, the property was converted to an office building in 2012 and recently underwent renovations to upgrade the lobbies and elevators, as well as new mechanical, electrical, plumbing and security systems.

The property also features more than 20,000 square feet of retail space and is situated at the nexus of the neighborhoods of Fort Greene, Clinton Hill and Prospect Heights. Pacific Park and Barclays Center are adjacent to the property and an abundance of public transit options are located nearby.

The loan was provided by Bank of America and was arranged by a team from Meridian Capital Group including Senior Managing Director Rael Gervis and Vice President Richard Sutton.

RXR is partnering to redevelop the Nassau Veterans Memorial Coliseum in Long Island, New York, into Nassau Hub, a $1.5 billion complex set on 60 acres in Nassau County.

Image courtesy of Meridian Capital Group