NEW YORK, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Greystone Bassuk, a leading debt and equity advisory group, today announced the closing of a $91,800,000 permanent loan with MUFG Union Bank, N.A. (“Union Bank”) on behalf of The Hudson Companies, Inc. for The Parkline, a 254-unit “80/20” multifamily rental apartment building in Prospect Lefferts Gardens, Brooklyn. Drew Fletcher, President, Greystone Bassuk, and Matt Klauer, Managing Director, led the debt placement for the transaction.
“We are truly proud to bring a first class, green development to Prospect Lefferts Gardens, including both affordable and market rate units, Maple Street School, Greenlight Bookstore, and unparalleled views of Prospect Park and the Manhattan skyline,” said Alison Novak, Principal at The Hudson Companies. “We thank Greystone Bassuk, Union Bank and HFA for being tremendous partners in moving this project forward."
The Union Bank financing, structured as a direct purchase of bonds together with a new conventional participation loan issued by the New York State Housing Finance Agency (“HFA”), replaces the original construction facility provided by Citibank in 2013. The new permanent loan carries a 10-year term with 5 years of interest-only and includes an attractive earn-out structure to further increase proceeds based on future growth. The project is certified LEED-Gold and earned EnergyStar status, and hosts a cogeneration plant using gas-powered motors to create electricity. Now fully stabilized, The Parkline is an “80/20” multifamily property with 254 apartments, of which 51 units are set aside for low income households earning at or below 60% of the Area Median Income.
Located at 626 Flatbush Avenue between Hawthorne & Fenimore Streets, The Parkline is a 24-story high-rise building perched at the Eastern edge of Prospect Park. The building offers a range of high-end amenities including a penthouse lounge, private chef’s kitchen and bar, rooftop terraces, private screening room, yoga studio and fitness center, children’s play room, and on-site parking, as well as the Greenlight Bookstore and Maple Street School.
“We are thrilled to have represented Hudson Companies on this exciting transaction,” said Mr. Fletcher. “Union Bank recognized the value of preserving the existing tax-exempt financing and worked with us to develop a flexible structure that created significant value for Hudson Companies and its partners.”
About Hudson Companies
Hudson is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area. Hudson has completed more than 5,600 housing units, with an additional 3,000 units currently in development. The firm is experienced in both new construction and rehabilitation, and is active across the market, affordable, and institutional housing markets.
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 innovative debt, EB-5 loans and equity financing solutions.
About Greystone
Greystone is a 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.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com
Photos of The Parkline can be found here
Credit: Hudson Companies