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Avison Young arranges $230M permanent loan for Rockrose Development at 200 Water Street
August 15, 2022
New 10-year, fixed rate loan refinances building in Lower Manhattan
New York, NY - Avison Young has arranged a $230 million loan for an affiliate of Rockrose Development, provided by Equitable Financial Life Insurance Company, to refinance its 576-unit, 430,147-square-foot (sf) apartment building at 200 Water Street.
Avison Young’s Tri-State Debt & Equity Finance group, led by Principals Andy Singer and Scott Singer, arranged the 10-year, fixed-rate loan.
“Avison Young provided exceptional service to Rockrose, building on decades of service by Andy and Scott Singer. The Singers are consistently the most creative, nimble, and effective financial intermediaries we have dealt with,” said Richard Brancato, COO, Rockrose.
Located in Manhattan’s Financial District, just north of Wall Street and opposite the South Street Seaport, the class A residential property was acquired by Rockrose in 1996. Rockrose converted 200 Water Street from outmoded office space to new vibrant residential use, creating an enduring benchmark for land use changes that meet the ever-evolving real estate needs of New York City. As part of its ongoing corporate philosophy, Rockrose recently completed a refurbishment of the 32-story property, elevating its design to match the modern luxury of the neighborhood’s new construction.
“We arranged our first loan for Rockrose with Equitable in 1976. In the ensuing 45 years, we have repeatedly delivered market-leading financing for their renowned properties in Manhattan, Long Island City, and Washington DC,” said Andy Singer, Avison Young.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.