$330 Brooklyn redevelopment on schedule for March 2020 seniors residence opening

watermark main rendering

Developers say their $330 million seniors’ residence redevelopment of 21 Clark St. in Brooklyn is on schedule for a March 2020 completion.

Watermark Retirement Communities in partnership with Kayne Anderson Real Estate, say they are developing  Watermark at Brooklyn Heights, a conversion of the Leverich Towers Hotel and a former Jehovah’s Witnesses’ residential property, into a 275-unit senior residence, which will feature 275 newly renovated residences.

new york condo projectThe development team includes the majority owner Kayne Anderson, which has invested $130 million into the project; the operator, co-developer, and minority owner Watermark/The Freshwater Group; and the development partner, minority owner, and construction owner’s representative Tishman Speyer. The lending consortium consisting of the lead lender BMO Harris, as well as Wells Fargo and Capital One, provided a $200 million acquisition and re-development loan.

watermark progress photo

Watermark and Kayne Anderson’s partnership owns and operates a portfolio of 16 retirement communities totaling more than 2,500 beds of independent living, assisted living, memory care and skilled nursing, valued at approximately $1.2 billion in deal capitalization.

Designers are New York City architectural firm of Montroy DeMarco Architecture (MDA) and interior designer Lemay + Escobar.


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