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Ares, Douglaston Score $560M Refi on Luxury West Side Apartment Tower
Newmark Group and Greystone Capital Advisors arranged $560 million in floating-rate debt on behalf of Ares Management and Douglaston Development for 3ELEVEN, a 60-story, 938-unit luxury apartment tower on Manhattan’s West Side just south of Hudson Yards. The financing repays the HSBC construction loan and was arranged by Newmark’s Jordan Roeschlaub and Nick Scribani, in collaboration with Jonathan Firestone, and by Drew Fletcher, Paul Fried and Bryan Grover of Greystone Capital Advisors.
“Securing favorable financing terms for this complex transaction demonstrates our team’s unique ability to navigate the complexities of the market and deliver outstanding results for our clients,” said Firestone.
Fletcher added, “We are thrilled to have facilitated this significant refinancing for 3ELEVEN, highlighting the exceptional quality and appeal of the property and reflecting the strong collaboration between Ares, Douglaston, Newmark and our team.”
Completed just over a year ago, 3ELEVEN benefits from a 35-year tax abatement in exchange for reserving a portion of the units for affordable housing under New York State’s now-discontinued 421-a program. The 99%-leased property spans the west side of Eleventh Avenue between West 29th and West 30th streets.
A Fried Frank team led by real estate partner Laurinda Martins and including real estate associates Michael Turo, Kevin Hartnett, and Morgan Mitchell advised the Ares/Douglaston partnership in connection with the financing.
- ◦Financing
