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New York & Tri-State  + New York + Uptown/Bronx  + Finance  | 
Greystone provided $125 million in bridge financing to Blumenfeld Development Group on its Smile apartments in Harlem

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. 

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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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