Dealmaker: Greystone Bassuk Arranges $200 Million Multifamily Refinance
Michael Tucker firstname.lastname@example.org
Greystone Bassuk, New York, closed a $200 million loan made to a Taconic Investment Partners and Mitsui Fudosan America joint venture that refinanced 525 West 52nd Street in Midtown Manhattan.
Wells Fargo Multifamily Capital supplied the 10-year fixed-rate loan, which was originated by 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. The new permanent loan replaces the original $185 million construction facility provided by Wells Fargo, J.P. Morgan and M&T Bank in 2014.
The two-tower, 392-unit mixed-income rental apartment building delivered in 2017 on a through-block site that extends from 52nd Street to 53rd Street between 10th and 11th Avenues. Its two towers over a common podium rise to 14 and 22 stories and its 445,0000 gross square feet include more than 35,000 square feet of lifestyle and recreational amenities. Seventy-nine of the 392 units are reserved for lower-income households earning below 60 percent of area median income.
Greystone Bassuk President Drew Fletcher marketed the debt with support from Managing Director Matthew Klauer and Associate Bryan Grover.
Designed by Handel Architects, 525 West 52nd Street's façade is an industrial palette of brick, metal and glass evoking the historic warehouses of Manhattan's far west side.
Elsewhere in New York City, Taconic is developing 817 Broadway, 311 West 42nd Street and Essex Crossing on the Lower East Side.