$92M Permanent Loan for The Parkline in Prospect Lefferts Gardens

The Hudson Companies borrowed $91.8 million in permanent financing from MUFG Union Bank for The Parkline, a new 254-unit apartment building in the Prospect Lefferts Gardens neighborhood of Brooklyn.

The new, 10-year loan includes a five-year interest-only period. It replaces the original tax-exempt construction loan provided by Citibank.

“Union Bank recognized the value of preserving the existing tax-exempt financing, and worked with us to develop a flexible structure that created significant value for Hudson,” said Drew Fletcher, president of Greystone Bassuk, which led the debt placement in the transaction.

Now fully-stabilized, the building at 626 Flatbush Ave. includes 51 affordable apartments and retail spaces occupied by the Greenlight Bookstore and Maple Street School.

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