Staten Island Urby Receives $132.9M in Fannie Mae Refinancing

The Staten Island Urby

NEW YORK CITY—The Staten Island Urby, a two-building, 571-unit, “80/20” mixed-income, multifamily rental apartment received a $132.9 million Fannie Mae loan. The property is located at 7 and 8 Navy Pier Court in Staten Island. CoStar tells GlobeSt.com that the owner Ironstate Development, whose principal is David Barry, has leased 98% of the property.

The Greystone Bassuk capital markets advisory group led by president Drew Fletcher, with Ken Rogozinski, Matt Klauer and Bryan Grover advised Ironstate and secured the Fannie Mae loan. Also on the Greystone team, Billy Posey and Jeff Englund negotiated the loan for the borrower. A new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.