Brooksville Company, Rockpoint sign $567.6M refi with Wells Fargo for Starrett City

Brooksville Company and Rockpoint Group through the entity BSC Housing Company, Inc. as borrower signed a refi loan with lender Wells Fargo Bank valued at $567.6 million for 15 properties including the 1,463-unit rental (D3) at 180 Bethel Loop in East New York, Brooklyn, 1,164-unit rental (D3) at 1325 Pennsylvania Avenue in East New York, Brooklyn, and industrial (G1) at 1266 Pennsylvania Avenue in East New York, Brooklyn. The complex is known as Starrett City or Spring Creek Towers.
The deal closed on June 30, 2021 and was recorded on July 13, 2021.
The 15 properties have 8,544,670 square feet of built space and 0 square feet of additional air rights for a total buildable of 5,720,751 square feet according to PincusCo analysis of city data. The loan price per built square foot is $66 per the PincusCo analysis.
The signatory for Brooksville Company and Rockpoint Group was Andrew MacArthur.

MacArthur is president of Brooksville.  Gov. Cuomo reached an agreement with the Spring Creek Towers owners to structure an affordability agreement so the project remains affordable through 2069. The plan includes long-term protections for tenants and requires owners to make approximately $140 million in upgrades and repairs.  The beneficial owner is Rockpoint Group, the record owner is the Settlement Housing Fund.
The owners according to the Department of Housing Preservation and Development includes David Sorise, head officer and Andrew Kane, officer. The business entity is Twin Pines Management Llc.

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