KAREA Acquires Brooklyn property

11/1/17

BOCA RATON, Fla.–(BUSINESS WIRE)–Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors, L.P., today announced that it has acquired The Towers, a historic, 16 story building located at 21 Clark Street in the heart of Brooklyn Heights. The property will be renamed The Watermark at Brooklyn Heights. Terms of the transaction were not disclosed.

Formerly the Grand Leverich Towers Hotel, the building has more than 310,000 square feet, including 295 residential units, a lobby, commercial kitchen, large dining rooms, offices, community facility space, library, and a 20,000 square foot rooftop terrace. The property boasts frontage on three picturesque streets within the Brooklyn Heights Historic District and features commanding views of the New York Harbor, Manhattan, and the Brooklyn Bridge. Upon the completion of the redevelopment, the property will offer residents over 75,000 square feet of premier amenity space, convenient transit options, and proximity to both Manhattan and Brooklyn, including the Brooklyn Heights Promenade and Brooklyn Bridge Park.

“Increased demand for urban senior living options, coupled with shifting demographic trends, makes The Watermark at Brooklyn Heights an attractive seniors housing investment opportunity,” said Al Rabil, Managing Partner and Chief Executive Officer of KAREA. “Meticulously maintained since its inception in the late 1920s, The Watermark at Brooklyn Heights epitomizes a Class A property with a unique redevelopment opportunity: to introduce modern, luxury living for seniors in Brooklyn and Manhattan. This acquisition will enable KAREA to create value by delivering seniors housing to this incredibly supply-constrained market. We believe that this investment will further strengthen our best-in-class seniors housing portfolio while enabling us to continue to generate exceptional returns for our investors.”

Mr. Rabil added, “KAREA is committed to upholding the property’s unique legacy through a partnership with Watermark Retirement Communities, an operator of more than 50 seniors housing communities across the country. Watermark’s extensive experience and success in the industry will bring exceptional operational expertise to the property and an outstanding home for all residents. We are thrilled to be working with Watermark on this project.”

“We are honored to partner with Kayne Anderson on another significant landmark project. Watermark is excited about the opportunity to share our experiences and lessons learned over the past 30 years and to continue to learn from our future residents and associates in the culturally rich, historic Brooklyn Heights neighborhood,” stated David Barnes, President and Chief Executive Officer of Watermark Retirement Communities.

About Kayne Anderson Real Estate Advisors

Kayne Anderson Real Estate Advisors (KAREA) is a leading real estate private equity investor in off-campus student housing, seniors housing and medical office buildings. KAREA has raised dedicated real estate private equity funds totaling approximately $5 billion in commitments, investing in both opportunistic equity and real estate debt. KAREA is part of Kayne Anderson Capital Advisors, L.P., a $25.5 billion alternative investment management firm (AUM as of 6/30/17) with more than 30 years of successful experience in the energy, infrastructure, growth capital, real estate, middle market credit and distressed municipal sectors. For more information, visit http://www.kaynecapital.com/strategies/real-estate-private-equity.

About Watermark Retirement Communities, Inc.

Watermark Retirement Communities has a thirty-year history of creating innovative, extraordinary communities where people thrive. Watermark communities are known for highly-trained associates, a lifestyle built on choice, and innovative programs including the award-winning Watermark University featuring a wide variety of engaging classes for residents and area seniors. Watermark is a privately held company with a reputation of service, success, growth, integrity and financial stability. Visit www.watermarkcommunities.com for more information.

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