{"id":132686,"date":"2026-02-13T17:44:10","date_gmt":"2026-02-13T17:44:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/132686\/"},"modified":"2026-02-13T17:44:10","modified_gmt":"2026-02-13T17:44:10","slug":"ares-refis-brooklyn-geothermal-multifamily-building-with-450m-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/132686\/","title":{"rendered":"Ares Refis Brooklyn Geothermal Multifamily Building With $450M Loan \u2013 Commercial Observer"},"content":{"rendered":"

One of Lendlease<\/a>\u2018s final U.S. multifamily projects, billed as New York City\u2019s largest geothermal residential project, has some new power behind it.<\/p>\n

A joint venture between the Australian developer, which announced an exit <\/a>of the U.S. market in May 2024, and Aware Super<\/a> secured a $450 million loan to refinance the Riverie, an 834-unit luxury multifamily project in Greenpoint, Brooklyn, Commercial Observer has learned.<\/p>\n

SEE ALSO: Affinius Capital Provides $90M Refi for Upcoming Luxury Brooklyn Multifamily<\/a><\/p>\n

Ares Management provided the loan for the 790,000-square-foot, two-tower complex that debuted<\/a> late last year just steps from the Greenpoint Ferry Terminal.\u00a0<\/p>\n

Lendlease announced <\/a>in September that the Riverie when finished would be one of the nation\u2019s largest geothermal-enabled residential buildings with a \u201cvertical closed-loop geoexchange system\u201d that will help reduce carbon emissions tied to natural gas usage. Geothermal systems use underground heat for heating, cooling and producing hot water.\u00a0<\/p>\n

CBRE<\/a> arranged the transaction with a team consisting of Tom Traynor, Tom Rugg, Peter Griesinger and Arman Samouk.\u00a0<\/p>\n

\u201cThe Riverie is a truly exceptional project in a premier location,\u201d Traynor, co-head of U.S. large loans at CBRE, said in a statement. \u201cEven in a changing market, there is deep conviction for high-quality New York real estate backed by institutional sponsors.\u201d<\/p>\n

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.\u00a0<\/p>\n

A Lendlease spokesperson said in a statement about the refinance that The Riverie is \u201ca highly sustainable, all-electric residential development\u201d showing\u00a0 \u201cstrong leasing momentum.\u201d<\/p>\n

Aware Super, an Australian superannuation fund,<\/a> did not immediately return a request for comment. Ares declined to comment.\u00a0<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n

\u00a0<\/p>\n

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