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Brooklyn Mixed-Income Rentals Land $250M Bridge Loan

Greystone arranged $250 million in bridge financing for AtlanticBK, a newly delivered 456-unit mixed-income residential development in Brooklyn. Greystone Capital Advisors, led by Drew Fletcher, Paul Fried and Bryan Grover, served as exclusive advisor on behalf of the developers.

The project was developed by Douglaston Development, a leading vertically integrated owner, operator, and developer based in New York City. Ailanthus, Totem’s housing development affiliate, and BEB Capital co-invested alongside Douglaston and are co-developers on the project. 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.

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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