Greystone, a leading national commercial real estate finance company, announced it has arranged a $35 million loan on behalf of an affiliate of BLDG Management Group for Stella Residences, a 45-unit class-A multifamily project in the East Village submarket of Manhattan. BHI (Bank Hapoalim B.M) provided the bridge loan, refinancing its existing construction loan for the asset. Greystone’s Drew Fletcher, Matthew Klauer and Jesse Kopecky served as exclusive advisor in arranging the financing on behalf of BLDG.
Stella is a 10-story rental apartment building located at 251 E 2nd Street in the East Village of Manhattan. The project offers an exclusive, boutique-living experience with a lifestyle-focused set of amenities catering to today’s renter such as generous layouts, high-end condo-quality finishes, and outdoor balcony/terrace spaces for some units. Amenities for residents include a fitness center, private resident lounge overlooking a landscaped roof deck with unobstructed views, laundry room, storage room, bicycle room, and a virtual doorman.
“This financing demonstrates the continued strong demand for high quality transitional multifamily assets in New York City. As the existing construction lender, BHI was able to structure a flexible bridge solution that will allow BLDG to stabilize and season the property prior to converting to long-term permanent financing,” said Drew Fletcher, President of Greystone Capital Advisors.
“BLDG has collaborated with Greystone many times over the years, and this financing proves yet again Greystone’s ability to deliver creative financing solutions for our growing multifamily portfolio. BHI has been an exceptional and creative partner throughout the construction of Stella, so we are extremely pleased to expand our relationship through this new financing,” said Lloyd Goldman, President of BLDG.
Greg Nuber, BHI Vice President, Commercial Real Estate, commented, “BHI is thrilled to have completed this tailored transaction, by providing multi-year transitional financing, which replaces the prior successful construction loan refinancing, for our valued customer BLDG, whose vision and commitment to the development of this unique and sophisticated property was the key to its success. Working with Greystone to complete this transaction was a very positive experience. Their professionalism and attention to detail were critical to the timely completion of this financing.”