Dealmaker: Greystone Arranges $178M Multifamily Refi in Brooklyn
Michael Tucker firstname.lastname@example.org
Greystone, New York, closed a $178 million permanent loan to refinance Hoyt & Horn, a new 26-story mixed-income apartment property in Brooklyn, N.Y.
A joint venture between Rose Assocs. and Benenson Capital Partners owns the 368-unit asset at 210 Livingston Street.
The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency's 80/20 Housing Program with secondary market credit enhancement.
Greystone Capital Advisors President Drew Fletcher, Managing Director Matthew Klauer and Associate Bryan Grover advised on the transaction.
The new permanent loan replaced the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.
Hoyt & Horn delivered last year near the Brooklyn Academy of Music, the Long Island Railroad's Atlantic Terminal and the Barclays Center. Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor. The sponsors are currently marketing additional Class A retail space including 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street.
Benenson Capital Partners COO Richard Kessler noted the loan closed without sacrificing leverage or pricing during the time New York State was making major changes to rental laws.