Owners of a Williamsburg property completed last December have seized a ripening rental climate to close a permanent loan for 64 Bayard Street, home to 52 new luxury apartments.
The $26.5M deal is the second financing package arranged by Eastern Union Funding for the owner of 64 Bayard, operating as Bayard House LLC. Nate Hyman and David Metzger arranged the initial construction loan, in addition to the recent refi.
Although a permanent loan was built into the construction financing, the brokerage duo refinanced the recently stabilized product, thereby seizing upon surging demand, a robust rental market and historically low interest rates. Thanks to these factors, the duo collaborated with the lender to substitute the former loan with the new arrangement.
This recent transaction is a non-recourse, seven year loan locked in at three and a half percent interest. Financing was provided by Investors Bank, who also provided the construction loan in 2012.
“The market is stronger now and the performance of this building is an illustration of that,” Hyman said. “We essentially rebuilt the financing accordingly.”