A
lpaca Real Estate has led the recapitalization of The Axel, a 284-unit luxury residential tower in Brooklyn's Fort Greene and Clinton Hill neighborhoods. Developed by Hope Street Capital and opened in 2022, the 29-story property is valued at $300 million.
The deal involved Alpaca contributing preferred equity to recapitalize the building, with original lender MF1 Capital providing $204 million in an initial refinancing last November. The Axel features a mix of units, including studios and three-bedrooms, along with amenities like a fitness center, rooftop sky deck, and outdoor pool.
Daniel Carr, managing partner of Alpaca Real Estate, said the deal reflects his firm's focus on properties with strong growth potential in gateway markets. "We're excited to continue investing in high-growth urban areas," he stated.
Jeffrey Gershon, founder of Hope Street Capital, noted that The Axel's prime location near subway lines and several Brooklyn neighborhoods positions it for success in the New York City multifamily market, driven by limited supply and surging demand. "We're thrilled to partner with Alpaca on this fantastic asset," he said.
