Greystone Completes $50M Loan On Brooklyn Multifamily
An affiliate of Ares Management issued the 5-year variable-rate loan to replace an original Wells Fargo construction loan facility.
NEW YORK CITY – Hudson Companies has secured a $50 million bridge loan to refinance its property at 94 North 3rd St. in Williamsburg, Brooklyn. An affiliate of Ares Management issued the 5-year variable-rate loan to replace an original Wells Fargo construction loan facility for the new seven-story, 75-unit multifamily rental building.
Greystone, a New York-based lender and advisory firm, arranged the financing for the property dubbed House No. 94. Completed in 2018, the mixed-income property has 80 percent of its units at market-rate rent, while the other 20 percent are affordable.
Ares worked quickly under a tight closing time frame to deliver the loan for the property that features ground-floor retail and will announce two new luxury retailers in early 2020. Already occupying the ground floor is SolidCore, a workout company focused on resistance training.
House No. 94 features two roof decks with Manhattan skyline views, a 12,000 square foot landscaped courtyard, lobby, bicycle storage, fitness center and tenant lounge.
Demand for properties such as House No. 94 in Brooklyn’s multifamily market have remained strong with increased contract activity for condos, apartments and townhomes, according to a recent GlobeSt.com article.
Contract activity has increased 16% year-over-year in the borough that has seen great migration of buyers into East and South Brooklyn, where the bid pool has expanded and raised demand. Brooklyn markets, far-reaching from Manhattan, have experienced accelerated price growth, with more than 51% of inventory priced at $1 million or more at the end of the third quarter, a borough first, according to a CORE Q319 Brooklyn Market Report.