Rose Associates Secures Financing for the Development of 210 Livingston Street
Posted On December 14, 2015
Rose Associates announced today it has closed a $158 million loan for the construction of a residential property located at 210 Livingston Street being co-developed by Rose Associates and Benenson Capital Partners. The loan was funded by the issuance of bonds provided by the New York State Housing Finance Agency that were purchased by J.P. Morgan Chase and Sun Trust bank. An 80/20 development, the luxury tower will be comprised of 294 market-rate apartments and 74 affordable units.
“We are thrilled to continue our involvement in the revitalization of Downtown Brooklyn and proud to support NYC’s affordable housing programs,” said Greg Reimers, managing director and northeast market manager of real estate banking at J.P. Morgan Chase. “Our long-term clients, Benenson Capital Partners and Rose Associates, are bringing an exciting new development to this increasingly dynamic market.”
Located between Hoyt and Bond Streets, 210 Livingston Street will be a 25-story tower with a total of 368 rental apartments. The building will include nearly 20,000 square feet of retail space along with an underground parking garage. Units will be offered in studio, one- and two-bedroom configurations.
“We have completed the design and pre-development work and are excited to begin construction with initial occupancy anticipated in late 2017,” said James L. Hedden, chief development officer of Rose Associates. “Brooklyn has become a destination and not just an alternative to Manhattan’s high rents.”
Plans call for the creation of a new subway entrance within the building at the corner of Hoyt and Schermerhorn Streets that will service the A, C and G lines. Tenants of 210 Livingston will have access to a resident club with lounges, a catering kitchen, bicycle storage, a state-of-the-art fitness center, a landscaped terrace on the 15th floor and a finished rooftop with a grill area and sun deck.
“We’re happy to be developing in Brooklyn and to be part of the evolution of the borough’s Downtown area,” said Richard A. Kessler, chief operating officer of Benenson Capital Partners. “The Benenson family is excited to be developing this property that has been in the family for nearly 50 years.”
About Benenson Capital
The Benenson group of companies dates back to 1905 and is still controlled by the Benenson family. Benenson Capital Partners is a leader among privately held operating companies in real estate investment, development and asset management. BCP manages 150 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States, Canada and Europe on behalf of the Benenson group of companies. The company focuses on core, value add and opportunistic investments across all major property sectors, as well as its historic leadership in the ownership of single-tenant triple-net leased properties occupied by major corporate tenants.
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.