Greystone Capital Advisors announced they have 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 located just south of Manhattan's Hudson Yards district. The financing, which repays the HSBC construction loan, was arranged by Drew Fletcher, Paul Fried, and Bryan Grover of Greystone Capital Advisors.
"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, and our team,” said Drew Fletcher, President of Greystone Capital Advisors.
Completed just over one year ago, the 99% leased property benefits from a 35-year tax abatement in exchange for reserving a portion of the units for affordable housing from New York State's now-discontinued 421-a program. Managed by Clinton Management, the Property Management affiliate of Douglaston Development, 3ELEVEN spans the west side of 11th Avenue from West 29th to West 30th Streets. Its prime location offers proximity to high-end shops and restaurants, the Hudson River, and the High Line elevated park.
3ELEVEN offers apartments ranging from studios to three bedrooms, with premium amenities such as a pool with cabanas, a fitness center with a yoga studio, a theater, coworking spaces with conference rooms, music practice rooms, and multiple outdoor gathering areas, including a 42nd-floor terrace and dedicated dog runs.
Greystone's Jesse Kopecky, Ryan Cohen, and Tori Colledge also contributed to the transaction alongside Newmark's capital markets team.