RXR Realty signs $225M refi with Apollo at Willoughby rental in Downtown Brooklyn

RXR Realty through the entity RXR 196 Willoughby Owner LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $225 million for the rental building the Willoughby at 196 Willoughby Street and the Long Island University building at 152 Ashland Place, in Downtown Brooklyn, Brooklyn.
The deal closed on September 28, 2023 and was recorded on October 4, 2023. The prior lender was TPG Real Estate Partners which held debt that had an original loan amount of $225.6 million.
The four condominium units have 334,759 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $672 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 RXR Realty was David Frank. 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 196 Willoughby Street.

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.

Development

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

On the tax block of 196 Willoughby Street, PincusCo has identified the owners of one of the four commercial properties representing 155,000 square feet of the 877,990 square feet. The identified owner is Dasny.
On the tax block, there were two new building construction projects totaling 657,799 square feet. The largest is a 476-unit, 368,950 square-foot residential (R-2) building submitted by RXR Realty and filed by Roy Fergus with plans filed December 27, 2017 and permitted July 3, 2019. The second largest is a 275-unit, 288,849 square-foot residential (R-2) building submitted by RXR Realty and filed by Todd Rechler with plans filed February 4, 2022 and permitted May 16, 2022.

The majority, or 84 percent of the 877,990 square feet of built space are specialty buildings, with industrial buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that RXR Realty owned at least 20 commercial properties with 676 residential units in New York City with 9,282,177 square feet and a city-determined market value of $3.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 9,282,177 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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