Mack signs $158.5M refi with Apollo for 368-unit rental in Greenpoint
Mack Real Estate Group through the entity 19 India Fee Owner LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $158.5 million for the 368-unit residential and retail building The Greenpoint at 19 India Street in Greenpoint, Brooklyn.
The deal closed on August 29, 2024 and was recorded on September 19, 2024. The prior lender was HSBC Bank which held debt that had an original loan amount of $175 million.The building is divided into six commercial condominium units which have a total of 414,192 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $382 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 signatory for Mack Real Estate Group was Richard Mack. The signatory for Apollo Global Management was Jeffrey Horowitz.
The property
The rental condo with 368 residential units in Greenpoint has 414,192 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 272,854 square feet. The property has a 421A exemption that started in 2020 and expires in 2045. The city-designated market value for the property in 2022 is $81.6 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
The borrower
The PincusCo database currently indicates that Mack Real Estate Group owned at least 46 commercial properties with 979 residential units in New York City with 1,578,220 square feet and a city-determined market value of $375.9 million. (Market value is typically about 50% of actual value.) The portfolio has $398.8 million in debt, borrowed from UBSCM 2018-NYCH and JPMorgan Chase. Within the portfolio, the bulk, or 25 percent of the 1,578,220 square feet of built space are walkup properties, with hotel properties next occupying 24 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Queens next at 21 percent of the space.
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