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NEW YORK CITY—Bushwick Realty Holdings is developing a full-block, three-phase complex bordered by Bushwick Ave., Himrod Street, Evergreen Avenue and Harman Street. The real estate firm received a $110 million refinancing of a bridge construction loan, placed with Benefit Street Partners Realty Trust. The funds will be used to complete the third and final phase of construction.
The development comprises the following:
Phase I: At 869-871 Bushwick Ave., three six-story structures have been triple net leased to a non-profit in December 2015.
Phase II: At 889 Bushwick Ave., the six-story, apartment building has 56 units. A temporary certificate of occupancy is expected shortly. The property will benefit from a tax abatement program, 70% leased at market rate and 30% leased as affordable housing.
Phase III- At 340 Evergreen Ave., with completion expected within 12 months, the structure will will have 168 apartment units and 112 parking spaces. The property will also benefit from a 70% market rate and 30% affordable housing tax abatement program.
Eastern Union president Ira Zlotowitz and senior managing director Meir Kessner negotiated the financing.
“In this lending and regulatory environment, each lender has its niche so it is about finding the best one,” says Zlotowitz.
“The client was able to recapture a large amount of equity and significantly lower its rate,” says Kessner. “It was truly a collaborative effort between client, lender and mortgage advisor in structuring this loan.”
“As a leading provider of both fixed-rate and floating-rate debt products, this deal demonstrated our ability to provide a creative and tailored financing solution on a great piece of real estate in a dynamic part of New York City,” says Brian Nowakowski, managing director, Benefit Street Partners Realty Trust.
Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
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