Occupancy Begins at New Retirement Neighborhood ‘The Watermark at Brooklyn Heights’ at 21 Clark Avenue
The Watermark at Brooklyn Heights opened for occupancy this week at 21 Clark Avenue in Brooklyn Heights, Brooklyn. The senior residing neighborhood occupies the previous Leverich Towers Lodge initially constructed in 1928.
The consortium of builders accountable for the challenge contains Kayne Anderson Actual Property, Watermark Retirement Communities, and Tishman Speyer. Montroy DeMarco Architecture led the renovation of the constructing, which now contains 310,000 sq. ft of residential space, amenity area, and wellness amenities.
The property now contains 275 particular person items. This contains 145 which are designated for impartial residing, 88 for assisted residing, and the remaining 42 items for reminiscence care. The residences vary from studios to two-bedroom lodging. To assist the senior residents really really feel at dwelling, the architects finalized 78 totally different flooring plans.
Interiors designed by Lemay+Escobar Architects are supposed to evoke a way of historical past and stately residing, whereas additionally removing any hints of the anticipated scientific design of conventional senior communities.
“The property contains a barely understated, basic, and timeless class that city New York-area residents are aware of and recognize,” stated Richard DeMarco, accomplice at Montroy DeMarco Structure. “This attractive neighborhood options a lot of dramatic public areas, together with a hovering two-story restaurant generally known as The W Room, positioned within the former resort ballroom. In the course of the renovation, we revered the unique great thing about the constructing and revived some historic options to create an amenity-filled atmosphere the place residents will probably be very proud to stay.”
The Watermark provides 50,000 sq. ft of facilities, which embody an artwork gallery, three eating places, a performing arts heart, a number of wellness suites, a heated indoor pool, a salon and spa, and an out of doors roof deck.
“Whereas touring the property previous to its acquisition in 2017, we realized we had a uncommon alternative to redevelop 21 Clark Avenue, part of the previous Jehovah’s Witnesses headquarters complicated, right into a one-of-a-kind neighborhood with a nationwide and even worldwide enchantment,” stated David Barnes, Watermark Retirement Communities’ president. “Whereas the property’s immense dimension, together with the sprawling lower-level areas, had discouraged different builders, we instantly acknowledged it as an unbelievable probability to create over 50,000 sq. ft of facilities for our members. That is one thing remarkable in another city retirement neighborhood.”
Watermark and Kayne Anderson’s partnership owns and operates a portfolio of 17 retirement communities totaling greater than 2,300 residences of impartial residing, assisted residing, reminiscence care, and expert nursing, with a cumulative worth of about $1.2 billion. The Watermark at Brooklyn Heights is one among 5 properties managed by Watermark Retirement Communities of their Élan Assortment.
To finish this newest neighborhood, acquisition and redevelopment financing was secured from BMO Harris, Wells Fargo, and Capital One within the quantity of $200 million. The overall value of the event is valued at roughly $330 million.
“We’re enthusiastic to be concerned in fulfilling a rising demand for high-quality senior housing within the coronary heart of Brooklyn,” stated Al Rabil, CEO of Kayne Anderson Actual Property. “City senior residing properties are a gorgeous different actual property funding phase inside a quickly rising market. We’re proud to guide this market sector nationally with our accomplice, Watermark Retirement Communities.”
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