Rockpoint signs $275M refi with Apollo for two FiDi rentals

UPDATED 3:50 p.m., February 20, 2025: Rockpoint through the entity 63 Wall Street Owner, L.L.C. as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $275 million for two residential elevator properties with 816 residential units including the residential elevator building (D5) at 63 Wall Street with approximately 476 units and the residential elevator building (D5) at 67 Wall Street with approximately 331 units in the Financial District, Manhattan.
The deal closed on January 30, 2025 and was recorded on February 11, 2025. The prior lender was Fannie Mae which held debt that had an original loan amount of $280 million. The two properties have 705,802 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $389 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 Rockpoint was Ron J. Hoyl. The signatory for Apollo Global Management was Jeffrey Horowitz .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 63 Wall Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Andrew MacArthur, head officer and Bree Shaer Rothenberg, agent. The business entities are Pinnacle City Living, Llc and 63 Wall Street Owner Llc. The two properties with a total of 705,802 square feet of built space generated revenue of $42.4 million per year or $60 per square foot.

The property

The residential elevator building with 476 residential units in Financial District has 705,802 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 112 feet and is 213 feet deep with a total lot size of 17,623 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 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 $111.5 million. The property has 111 rent regulated units according to city tax records from 2023.

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 received two DOB violations, $35,000 in ECB penalties, and $39,805 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Rockpoint Group owned at least 10 commercial properties with 6,254 residential units in New York City with 7,019,424 square feet and a city-determined market value of $626.7 million. (Market value is typically about 50% of actual value.) The portfolio has $667.7 million in debt, borrowed from Wells Fargo and KKR & Co. Within the portfolio, the bulk, or 90 percent of the 7,019,424 square feet of built space are elevator properties, with industrial properties next occupying 10 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Manhattan next at 3 percent of the space.

Correction: The total number of units is 816 according to a source familiar with the buildings. The city records show fewer units, just 807, but city records can be incorrect.

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