Edison’s Ludlow Rentals Land $75M Refi via Greystone Bassuk
Greystone Bassuk has closed on a $75-million Fannie Mae loan to Edison Properties LLC for the Ludlow, a 23-story, 241-unit mixed-income multifamily rental apartment building located on the Lower East Side. The new 15-year fixed-rate permanent loan refinances the original construction-to-perm credit facility provided by Helaba Landesbank Hessen-Thüringen in 2006.
“Our goal for this transaction was to convert to long-term permanent financing at a fixed rate, to mitigate future interest rate exposure and provide additional term to transition beyond the upcoming burn-off of the 421-a tax abatement,” said Edison CFO Tony Pinto. “Greystone Bassuk delivered an execution that exceeded our expectations, while putting the project on solid footing for the long term.”
Drew Fletcher led the Greystone Bassuk team in placing the loan, supported by Ken Rogozinski and Matt Klauer. Billy Posey and Jeff Englund collaborated on the structure for the borrower, and spearheaded the loan process for Greystone.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).