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Midtown Rental Tower Lands $289M Freddie Mac Loan
Greystone closed on a $289,289,000 permanent Freddie Mac loan to an affiliate of BLDG Management Company for the Summit, a 429-unit rental apartment building including 109 affordable units at 222 E. 44th St. in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by Bank of China in 2015.
The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, president, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team.
Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac production manager Naureen Versi and managed the loan process for Greystone.
“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone, and BLDG,” said Versi.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
