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New York & Tri-State  + Outer  + Finance  | 

Greystone Arranges $65M Refi on LIC Apartments

Greystone provided a $65-million Freddie Mac loan to an affiliate of The Lions Group to refinance One LIC, a 20-story, 110-unit rental apartment complex in Queen’s Long Island City neighborhood. The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan.

Notably, this was one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing.

“Closing a loan in New York City during COVID-19 posed several unique challenges, ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments,” said Fletcher, president of Greystone Capital Advisors. “Despite these challenges, however, we were still able to deliver a tremendous execution for our client.”

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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 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 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).