NEW YORK, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Greystone Bassuk, a leading New York-based real estate finance advisory firm, announced the closing of a $200,000,000 permanent loan made to a joint-venture between affiliates of Taconic Investment Partners LLC (“Taconic”) and Mitsui Fudosan America, Inc. (“Mitsui Fudosan”) to refinance 525 West 52nd Street (“525”), a 2-tower, 392-unit “80/20” mixed-income multifamily rental apartment building in the Midtown West neighborhood of Manhattan. The 10-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s (“HFA”) “80/20” Housing Program (“HFA”) with secondary market credit enhancement. The new permanent loan replaces the original $185 million construction facility provided by Wells Fargo, J.P. Morgan and M&T Bank in 2014. Greystone Bassuk, led by President Drew Fletcher, served as exclusive advisor on the transaction.
Completed in 2017, the property is located on a through-block site that extends from 52nd Street to 53rd Street between 10th and 11th Avenues in one of Manhattan’s fastest-growing residential neighborhoods. It comprises two towers over a common podium rising to 14 and 22 stories with 392 units and approximately 445,0000 gross square feet, including over 35,000 square feet of lifestyle and recreational amenities. Of the 392 units, 79 units are set aside for low income households at or below 60% of area median income (“AMI”).
Designed by Handel Architects, 525’s façade is expressed through an industrial palette of brick, metal and glass evoking the historic warehouses of Manhattan’s far west side. The building also features a series of dramatic, cascading private terraces along the western elevation, which offer residents panoramic views of the Hudson River and Midtown Manhattan. Amenities include a 24-hour staffed lobby, state-of-the-art fitness center, landscaped outdoor courtyard, 16th floor sundeck, pet care center, library, private screening room, resident storage lockers and bike storage. The property’s carefully crafted interiors feature condo-quality finishes including kitchens with custom Italian cabinetry, Ceasarstone countertops, and high-end stainless-steel appliances. All homes also include custom closets, in-unit washers and dryers, and white oak flooring.
Mr. Fletcher led the marketing of the debt, with support from Managing Director Matthew Klauer and Associate Bryan Grover. “Taconic’s disciplined investment approach and commitment to identifying and unlocking long-term value in emerging neighborhoods has made it one of New York City’s most dynamic and successful developers,” said Mr. Fletcher. “525 is yet another example and has quickly become one of the most desirable buildings in Manhattan’s burgeoning west side. We are extremely proud to have represented Taconic and Mitsui on this market-leading transaction.”
”Taconic is thrilled to deepen its long-standing relationship with Greystone Bassuk and Wells Fargo with this financing,” said Chris Balestra, Chief Investment Officer of Taconic. “This transaction required a strong partnership between New York State Housing Finance Agency, Wells Fargo, and Greystone Bassuk and we thank them for their commitment and dedication to delivering a great execution for Taconic and Mitsui Fudosan.”
About Greystone Bassuk
Greystone Bassuk is a full-service real estate capital intermediary and advisory firm serving a select group of the most prominent real estate owners and developers in New York City and across the U.S. Greystone Bassuk is an affiliate of Greystone, a leading national provider of commercial real estate loans and financial services, including Agency, bridge, mezzanine, and EB-5 loans as well as equity financing solutions.
About Greystone
Greystone is a leading commercial real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, EB-5 and other proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. All securities sold through Greystone Broker Dealer Corp., member FINRA and SIPC. For more information, visit www.greyco.com.
About Taconic Investment Partners LLC
Since 1997, Taconic Investment Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as 5,000+ units of luxury and workforce housing in the New York metropolitan area. As a fully integrated real estate operating company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing 817 Broadway, 311 West 42nd Street and Essex Crossing on the Lower East Side. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information visit: www.taconicinvestments.com.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. is a real estate investment and development company headquartered in New York City and is the U.S. Subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company with approximately $50 billion of assets. Mitsui Fudosan has invested in a range of real estate asset classes throughout the United States. Its portfolio currently includes more than 5.3 million square feet of stabilized office properties; 3.0 million square feet of office space under development including 50 Hudson Yards; 1,166 residential apartments; 2,833 additional residential units under development; 362 condo units under development; and 753 hotel rooms.
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Karen Marotta
Greystone
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Karen.Marotta@Greyco.com