Watermark Capital Moves Forward With School-to-Resi Conversion in Crown Heights
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
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On the RET wire
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The 42-unit residential conversion of a former Roman Catholic school at 560 Sterling Place in Crown Heights, Brooklyn, is well underway. Watermark Capital Group ’s redevelopment project at the corner of Classon Avenue…
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