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Greystone Arranges $125M Bridge Loan on Harlem Multifamily
Greystone arranged a $125-million loan on behalf of Blumenfeld Development Group (BDG) for The Smile, a 233-unit class-A multifamily project in Harlem with 25,000 square feet of commercial space leased to Beth Israel Medical Center.
The Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, arranged the financing on behalf of BDG. Invesco Real Estate provided the bridge loan to refinance the construction loan provided by AIG.
The Smile is an 11-story, 233-unit, recently completed 70/30 rental apartment building located at 158 E. 126th St. BDG developed this asset to meet the significant and growing demand for full-service, highly amenitized luxury housing in Harlem while providing a more affordable price point.
“The new floating rate bridge loan provided by Invesco will provide BDG with the additional runway needed to lease-up and stabilize the property in anticipation of a future sale or refinance,” said Fletcher.
- ◦Financing
