One of Lendlease‘s final U.S. multifamily projects, billed as New York City’s largest geothermal residential project, has some new power behind it.
A joint venture between the Australian developer, which announced an exit of the U.S. market in May 2024, and Aware Super secured a $450 million loan to refinance the Riverie, an 834-unit luxury multifamily project in Greenpoint, Brooklyn, Commercial Observer has learned.
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Ares Management provided the loan for the 790,000-square-foot, two-tower complex that debuted late last year just steps from the Greenpoint Ferry Terminal.
Lendlease announced in September that the Riverie when finished would be one of the nation’s largest geothermal-enabled residential buildings with a “vertical closed-loop geoexchange system” that will help reduce carbon emissions tied to natural gas usage. Geothermal systems use underground heat for heating, cooling and producing hot water.
CBRE arranged the transaction with a team consisting of Tom Traynor, Tom Rugg, Peter Griesinger and Arman Samouk.
“The Riverie is a truly exceptional project in a premier location,” Traynor, co-head of U.S. large loans at CBRE, said in a statement. “Even in a changing market, there is deep conviction for high-quality New York real estate backed by institutional sponsors.”
Located at 1 Java Street, the Riverie features a unit mix of studio to three-bedroom apartments and townhomes. Community amenities include a fitness center, a swimming pool, conference rooms, a podcast studio and a speakeasy-style lounge.
A Lendlease spokesperson said in a statement about the refinance that The Riverie is “a highly sustainable, all-electric residential development” showing “strong leasing momentum.”
Aware Super, an Australian superannuation fund, did not immediately return a request for comment. Ares declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.