Senior Development on Schedule

The $330 million redevelopment of 21 Clark Street, by Watermark Retirement Communities in a partnership with Kayne Anderson Real Estate, proceeds on schedule for the early 2020 opening.

The Watermark at Brooklyn Heights is a conversion of the historic Leverich Towers Hotel and a former Jehovah’s Witnesses’ residential property, into an upscale senior residence, which will feature 275 newly renovated residences.

The building, considered one of Brooklyn’s iconic architectural landmarks, joins Watermark’s new lifestyle brand, the Elan Collection.

The development team includes the majority owner Kayn Anderson, operator, co-developer and minority owner Watermark/The Freshwater Group; and the development partner, minority owner, Tishman Speyer.

The lending consortium consisting of the lead lender BMO Harris, as well as Wells Fargo and Capital One, provided a $200 million acquisition and re-development loan.

Watermark and Kayne Anderson’s partnership owns and operates a portfolio of 16 retirement communities.

Designed by Montroy DeMarco Architecture (MDA) with interiors by Lemay + Escobar, the Watermark was designed to fill a void for high quality seniors housing in the New York City market.

The current renovation will preserve much of the building’s original structure and history while adding a reimagined, stylish interior.

Source: Real Estate Weekly