An affiliate of Madison Realty Capital has secured $285 million to refinance its new Greenpoint, Brooklyn multifamily property.
The bridge loan was provided by TPG Real Estate Credit and arranged by Walker & Dunlop.
The asset, called Greenpoint Central, features 473 Class A apartments, with the units ranging from studios to two bedrooms. Nearly a third of the units are listed as affordable, with 70 percent coming in at market-rate. In addition to the apartments, Greenpoint Central offers 19,589 square feet of retail space, located on the cellar and ground floors.
The Greenpoint neighborhood in general benefits from its proximity to popular communities, including Midtown Manhattan, Williamsburg and Long Island City.
“The area’s evolving waterfront, cultural institutions, and creative community continue to attract renters, creating sustained demand in the Williamsburg-Greenpoint submarket," Samir Tejpaul, managing director and head of capital markets at Madison Realty, said in a statement.
"With only 850 new units delivered annually on average and 1,200 currently under construction, Greenpoint Central is well positioned to deliver vibrant new rental housing options for the Greenpoint community."
In addition to Madison Realty, other developers are attracted to Greenpoint's offerings. Some major financings have gone down in the neighborhood this year, including Jay Group and G4 Capital Partners securing $320 million to build 590 residential units, as reported by The Real Deal. Also, Domain Companies and LMXD snagged a $114 million loan to help support the construction of a 1,025-unit project.
Some other residential developments Madison Realty has in New York City include Sixteen Fifth Avenue in Manhattan, Woodside Central in Queens and The East in Manhattan.
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