Dealmaker: Greystone Arranges $250M for Mixed Income Development in Brooklyn

(Image courtesy of Greystone)

Greystone, New York, arranged $250 million in bridge financing for a newly delivered 456-unit mixed-income development in Brooklyn.

Greystone Capital Advisors, led by Drew Fletcher, Paul Fried and Bryan Grover, served as exclusive adviser on the transaction.

The transaction replaced Wells Fargo’s original $185 million construction loan with a new Wells Fargo-originated $250 million bridge loan to support lease-up and stabilization.

The property–AtlanticBK–was developed by New York City-based Douglaston Development. Ailanthus, Totem’s housing development affiliate, and BEB Capital, have co-invested alongside Douglaston and are co-developers on the project. Atlantic BK was built by Douglaston’s affiliate construction manager, Levine Builders, and will be managed by its affiliated property management firm, Clinton Management.

“This refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,” said Fletcher, president of Greystone Capital Advisors. “The restructured financing provides added flexibility, lowers the cost of capital, and positions the property for a smooth path to stabilization as leasing accelerates.”