Lendlease Joint Venture Finalizes $450 Million Refinancing for Landmark Brooklyn Development

Ares Management provides $450 million for The Riverie in Brooklyn, New York’s largest geothermal residential project, featuring 834 luxury and affordable units.

By: AXL Media

Published: Mar 12, 2026, 8:10 AM EDT

Source: https://www.multihousingnews.com/

A Benchmark for Sustainable Urban Development

Located at 18 India St. in Greenpoint, The Riverie represents a significant shift toward sustainable high density living. The property is a pioneer in green infrastructure, utilizing a massive geothermal system to provide heating and cooling, a move that supports its pursuit of LEED Gold certification. This focus on ESG (Environmental, Social, and Governance) principles was a key factor in attracting institutional capital from Ares Management, as lenders increasingly prioritize energy efficient assets that can mitigate long term operational costs and regulatory risks.

Mixed-Income Structure and Tax Incentives

The Riverie operates under the Affordable Housing New York Program, which provides essential tax exemptions in exchange for community benefits. Specifically, 30 percent of the 834 units are reserved for income restricted tenants, ensuring the project contributes to local affordability goals. In return, the developers have secured tax abatements lasting between 10 and 25 years. This structural arrangement provides the project with a stabilized long term financial outlook, making it an attractive candidate for the substantial $450 million refinancing package despite broader economic shifts.

Architectural Composition and Lifestyle Amenities

The development consists of two distinct towers, rising 37 and 20 stories respectively, situated atop a six level podium. The unit mix ranges from 405 square foot studios to expansive 1,468 square foot three bedroom layouts. Beyond housing, the property features a staggering 130,000 square feet of amenity space. These facilities are designed for the modern "live work" lifestyle, including music and podcast studios, coworking suites, a gym, a sauna, and a rooftop swimming pool. The ground level integrates 13,000 square feet of retail and a publicly accessible 18,000 square foot waterfront park on the East River.