November 10, 2020
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.
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