Rockpoint Group signs $100.1M refi with KKR in Yorkville, part of $123M deal
Rockpoint Group through the entity Rp Wimbledon Owner, L.L.C. as borrower signed a refi loan with lender KKR & Co. through the entity Forethought Life Insurance Company valued at $100.1 million for the 230-unit residential elevator building (D6) at 200 East 82nd Street in Yorkville, Manhattan.
The Commercial Observer reported the total loan was $123 million, indicating a portion of the loan may be mezzanine debt, which is typically not recorded.
The deal closed on December 23, 2024 and was recorded on January 13, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $123 million.The property has 205,261 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $487 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 December 30, 2014, for $218 million. The signatory for Rockpoint Group was Ron J. Hoyl. The signatory for KKR & Co. was Paul Fine.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Ron Hoyl, head officer and Spencer Raymond, officer. The business entities are Pinnacle City Living Llc and Rp Wimbledon Owner Llc.
The property
The residential elevator building with 230 residential units in Yorkville has 205,261 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 111 feet deep with a total lot size of 11,340 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $83.3 million. The property has 5 rent regulated units according to city tax records from 2023.
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 $1,250 in ECB penalties and $2,500 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on June 30, 2017. On the lot, there is one active major alteration construction project, 122743745, for a 235-unit, 240,896 square-foot R-2 building. The project was submitted by Vincent Pedone with plans filed May 16, 2016 and permitted August 16, 2016.
The block
On this tax block, PincusCo has identified the owners of seven of the 22 commercial properties representing 241,259 square feet of the 613,827 square feet. The largest owner is Sol Goldman Investments, followed by Emanuel Mizrahi and then Moon Jung Choi.
There are no active new building construction projects on this tax block.
The majority, or 78 percent of the 613,827 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.
The borrower
The PincusCo database currently indicates that Rockpoint Group owned at least nine commercial properties with 6,024 residential units in New York City with 6,814,163 square feet and a city-determined market value of $543.5 million. (Market value is typically about 50% of actual value.) The portfolio has $567.6 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 89 percent of the 6,814,163 square feet of built space are elevator properties, with industrial properties next occupying 11 percent of the space. They are all located in Brooklyn.
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