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BLDG closes $290M loan on new midtown rental

Greystone has closed a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. for the Summit, a multifamily rental building in Midtown Manhattan.

The new 10-year, fixed-rate Freddie Mac loan refinances the original $251,000,000 construction credit facility provided by Bank of China in 2015.

The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.

The Summit at 222 East 44th Street

The Summit, located at 222 East 44th Street, is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120 percent of the New York City Area Median Income (AMI), 44 units are designated for tenants earning 60 percent of AMI, 43 units are designated for tenants earning at or below 40 percent of AMI, and the remaining 320 units are market-rate.

The Summit features amenities such as a fitness complex with basketball and squash courts, indoor pool, sauna, theater, game lounge, and outdoor entertainment deck. In addition, the Summit’s penthouse sky lounge offers views of the East River and the Manhattan skyline, multiple outdoor terraces, and several individually curated indoor spaces for private events.

“I am extremely proud of our continued efforts to support affordable housing in New York City and I thank all those involved for their dedication to increasing the amount of affordable rental units in an area that critically needs it,” said Steve Johnson, Vice President for Targeted Affordable Housing at Freddie Mac.

“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,” added Naureen Versi, the Production Manager who worked on the transaction.

“BLDG is excited to expand its relationship with Greystone and Freddie Mac through this landmark financing,” said Lloyd Goldman, Founder and President of BLDG. “Despite the current headwinds facing the New York City multifamily market, Greystone and Freddie Mac delivered a market-leading execution and worked tirelessly with us to close this loan in the midst of a global pandemic.”

“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,” said Drew 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.”

Jeff Englund, Senior Managing Director and head of Greystone’s Affordable Lending group, added, “Affordable housing remains critically important to New York and nationwide, and Greystone continues to demonstrate its commitment to finance transactions that create or preserve this valuable housing for the long-term.”

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