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New York & Tri-State  + Senior Housing  |  November 10, 2020
Paul Bubny
By: Paul Bubny

Kayne Anderson Reopens Iconic Brooklyn Hotel as Luxury Retirement Community

The Watermark at Brooklyn Heights, New York City’s first new luxury retirement community to open in 20 years and Brooklyn’s first-ever, recently welcomed its first independent living lifestyle members. With 50,000 square feet of amenities, the property is a $330-million redevelopment of the iconic Leverich Towers Hotel at 21 Clark St.

“Urban senior living properties are an attractive alternative real estate investment segment within a rapidly growing market,” said Kayne Anderson Real Estate CEO Al Rabil. “We are proud to lead this market sector nationally with our partner, Watermark Retirement Communities.”

KA Real Estate is the Watermark’s majority owner, along with operator, co-developer and minority owner Watermark Retirement Communities/The Freshwater Group; and development partner, minority owner, and construction owner’s representative Tishman Speyer.

The lending consortium, which consisted of lead lender BMO Harris, along with Wells Fargo and Capital One, provided a $200-million acquisition and redevelopment loan.

For comments, questions or concerns, please contact Paul Bubny

Read More News Stories About: Tishman Speyer
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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