BMO Harris, Wells Fargo Arrange $200M Loan for Tower Redevelopment in Brooklyn

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community.

The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility.

The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community.

The borrowers are Kayne Anderson and Watermark Retirement Communities.