Kayne Anderson, Invesco sign $221.4M refi with Atlas Capital for assisted living in Brooklyn Heights
21 Clark Street (Credit - Cyclomedia)
Kayne Anderson and Invesco through the entity 21 Clark Street Property Owner, LLC as borrower signed a refi loan with lender Atlas Capital Group through the entity Shfi Debt Fund Di Ka7 Portfolio Lender LLC valued at $221.4 million for the The Watermark assisted living building (H8) at 21 Clark Street in Brooklyn Heights, Brooklyn.
The deal closed on February 12, 2026 and was recorded on March 12, 2026. The prior lender was BMO Bank which held debt that had an original loan amount of $200 million. The property has 356,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $621 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 31, 2017, for $202.5 million. The signatory for Kayne Anderson and Invesco was Russell M. Reiter . The signatory for Atlas Capital Group was Andrew Cohen .
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Transaction Participants
Attorney Erin Felchner of Alston & Bird LLP participated in the transaction on behalf of Atlas Capital Group.
Prior sales, articles and revenue
The owners according to the Department of Housing Preservation and Development includes David Freshwater, head officer and Rachel Rangelov, agent. The business entity is 21 Clark Street Senior Housing, Llc. The 356,000-square-foot property generated revenue of $24.6 million or $69 per square foot, according to the most recent income and expense figures.
The Real Deal reported on February 27, 2026 that Invesco paid $81.5 million to Kayne Anderson Real Estate for 21 Clark Street, Brooklyn, NY.
The property
The hotel building in Brooklyn Heights has 356,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 202 feet and is 100 feet deep with a total lot size of 20,267 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $78.1 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,375 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on June 1, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The neighborhood
In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 2.5 times the average sales volume among other neighborhoods with $809.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Brooklyn Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 367,322 square feet of the 367,322 square feet. The two identified owners are Invesco and Ralph Sguera.
There are no active new building construction projects on this tax block.
The majority, or 97 percent of the 367,322 square feet of built space are hotel buildings, with walkup buildings next occupying 3 percent of the space.
The borrower
The PincusCo database currently indicates that Invesco owned at least 18 commercial properties with 762 residential units in New York City with 1,610,415 square feet and a city-determined market value of $278.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 1,610,415 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. The bulk, or 52 percent of the built space, is in Bronx, with Manhattan next at 26 percent of the space.
The PincusCo database currently indicates that Kayne Anderson owned at least one commercial property in New York City with 206,714 square feet and a city-determined market value of $43.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Brooklyn.
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