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Debt & Equity

Staten Island Urby refinanced with $133M Fannie Mae loan

Greystone has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit 80/20 mixed-income multifamily rental apartment complex located on the waterfront in Staten Island.

The Greystone Bassuk Capital Markets Advisory Group, led by president Drew Fletcher, and with support from executive managing director Ken Rogozinski, managing director Matt Klauer, and associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team.

Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, senior managing director, collaborated on the structure for the borrower and spearheaded the loan process for Greystone’s debt business.

DREW FLETCHER

The new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.

Completed in 2016, Staten Island Urby is located at 7 and 8 Navy Pier Court in Staten Island, on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave Streets.

The development consists of one four-story building and one five-story building that together feature 571 LEED-certified multifamily units across 292,369 net rentable square feet, extensive amenity space, and 35,000 s/f of retail space. 115 of the total units (representing 20 percent of the total number of apartments) are affordable housing units priced at 60 percent of AMI. The remaining 456 apartments are priced at market rents.

Urby is a development company that brings boutique hotel hospitality to the residential experience.
Collective spaces at Staten Island Urby, which are designated for get-togethers among residents, include one of New York City’s largest urban farms, as well as the Urby Kitchen, which hosts cooking demonstrations by local chefs, pop-up dinners, tastings and talks.

The development also includes a 5,100 s/f gym, outdoor saltwater pool, landscaped courtyards with fire pits and play areas, Wi-Fi enabled green spaces, filtered water filling stations in the lobbies and an on-site 300-car garage.

The retail programming, designed to bring the waterfront experience to residents and area locals, includes recently-opened Barca, Staten Island’s first Mediterranean-style seafood restaurant from celebrated chefs Dave Pasternack and Vic Rallo, as well as Rallo’s Surf, a 200-seat dual-level space dedicated to live wood-fire cooking and a new take on barbeque.

“Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” said Drew Fletcher. “We are incredibly excited to have represented Urby on this project as they continue their push to redefine the standards for big city rental housing.”

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