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Greystone Provides $178M Refi on Downtown BK Apartments
Greystone has closed on a $178-million permanent loan to a joint venture of Rose Associates and Benenson Capital Partners to refinance Hoyt & Horn, a newly-built mixed-income multifamily rental project in downtown Brooklyn. The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital.
The loan was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s “80/20” Housing Program, with secondary market credit enhancement. It replaces the original $158-million construction facility from J.P. Morgan and Suntrust Bank.
Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Associate Bryan Grover.
“The combination of elite sponsorship, market leading design and amenities, and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients,” Fletcher said.
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