Rockpoint and Brooksville Company have secured a $275 million loan so they can refinance their two multifamily towers located at 63-67 Wall Street in the Financial District of Manhattan.
Newmark brokered the deal, while Apollo Global Management provided the funding. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark represented ownership of Rockpoint and Brooksville.
The properties, when originally built in the 1920s, served as office headquarters to Munson Shipping Company and Brown Brothers Harriman & Co. Then, in 2004 and 2006, 63 Wall Street and 67 Wall Street respectively were converted into apartments.
Rockpoint and Brooksville Company bought the two multifamily assets in 2016 for $429 million, and have made "heavy" renovations to the towers, according to Newmark. This includes upgrades to the amenity spaces, common areas, and reconfiguring the retail space. Both properties combined for 816 units.
Also, within proximity of 63-67 Wall Street, multiple shopping, dining and transportation options can be found.
Overall, New York City continues to be a strong market for CRE — and multifamily is no exception. A report from Ariel Property Advisors found that in 2024, the metro area's asset class generated $8.91 billion in dollar volume, representing a 14 percent rise from the previous year. Also, transactions in the sector climbed by four percent to 1,107. Both free-market and rent-stabilized properties fueled the activity. Meanwhile, a recent report from KBRA found that multifamily conduit insurance leaped to $6.7 billion. That's not only four times higher than in 2024 but it's the largest dollar volume the category has recorded since 2019.