BLDG Secures $289M Loan for Midtown Multifamily
Greystone closed the 10-year Freddie Mac loan for BLDG to refinance its 441,000-SF multifamily property, the Summit.
NEW YORK – An affiliate of BLDG Management Co. Inc. has secured a $289.3 million permanent Freddie Mac loan to refinance its multifamily rental building, the Summit, in Midtown Manhattan.
The 10-year, fixed-rate loan, made to BLDG, refinances the original $251 million construction credit facility provided by Bank of China in 2015.
Greystone Capital Advisors’ debt advisory team, led by president, Drew Fletcher, represented BLDG and assisted in securing the Freddie Mac financing. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips of Greystone managed the loan process and collaborated with Freddie Mac’s production manager, Naureen Versi.
Located at 222 E. 44th St., the 441,000-square-foot property encompasses 429 residential rental units. Of the units, 22 are designated as affordable housing units for tenants with household incomes at or below 120% of the New York City area median income. 44 units are designated for tenants earning 60% of the area median income, and 43 additional units are designated for tenants earning at or below 40% of the area median income. The property’s remaining 320 units are market-rate.
The Summit features amenities including an indoor pool, sauna, theater, game lounge, outdoor entertainment deck, a fitness complex with basketball and squash courts, and a penthouse sky lounge with outdoor terraces and indoor spaces for private events.
“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone and BLDG,” states Versi of Freddie Mac.
“We have enjoyed a long-standing relationship with BLDG and are thrilled to have worked on both the original construction financing and now the permanent financing for the Summit,” says Greystone’s Fletcher. “This financing is a testament to their long-term vision and focus on developing distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”