Douglaston Development

Douglaston Development

Douglaston Development and Ares Management secured $500 million in CMBS refinancing for their 3eleven tower in Hudson Yards. The loan, split 60-40 between Goldman Sachs and Wells Fargo, has a two-year floating rate with three one-year extensions. This financing will cover a $415 million construction loan, closing costs, reserves, and $60 million in mezzanine debt, returning over $115 million in equity to the sponsors. The 60-story tower at 311 11th Avenue includes 938 residential units, 60,000 square feet of amenities, and 12,000 square feet of retail space. The building’s value will rise to $930 million.

Filter By 5 Boroughs

Buyer Forum

Compare listings

Compare