Greystone Bassuk Arranges $30 Million Construction Loan for BLDG’s Boutique East Village Rental Project
Richard Bassuk, Chief Executive Officer, and Drew Fletcher, President, of Greystone Bassuk, today announced the closing of a $30,000,000 construction loan with Bank Hapoalim USA on behalf of an affiliate of BLDG Management Company, Inc. (“BLDG”) for the development of a 45-unit luxury rental apartment building located at 11 Avenue C in the East Village. Greystone Bassuk Managing Director, Matt Klauer, also assisted in the debt placement for the transaction.
The Project is located on a thru-block, irregular site bounded by East Houston Street, Avenue C and East 2nd Street in a highly desirable and underserved section of the East Village. Once complete, the Project will be a 10-story, best-in-class apartment building with approximately 55,000 gross square feet and 4,100 square feet of prime street level retail. Catering to today’s millennial renter, the Project will offer an exclusive, boutique living experience with a lifestyle-focused set of amenities. The residential units will have generous layouts with high-end condo-quality finishes, and several of the apartments will also have private outdoor space, a unique offering in the neighborhood.
“BLDG has been one of New York City’s preeminent multifamily owners for generations, and over the past several years they have made a strategic shift into ground-up development,” said Mr. Fletcher. “We had the great pleasure of advising BLDG on their first solo construction financing in 2015, and we are thrilled to have represented them once again on this exciting project as they continue to grow their development portfolio.”
”One of our objectives with this financing was to identify new capital relationships to help support our expanding development pipeline,” said Lloyd Goldman, President of BLDG. “Greystone Bassuk’s extensive capital markets knowledge and deep network of senior level relationships allowed us to achieve the best possible execution for our Project – and in the process, we also obtained a valuable new financing partner with Bank Hapoalim.”
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.
About BLDG Management, Inc.
BLDG is a privately held multigenerational real estate investment and management company that is one of Manhattan’s premier owner operators of commercial real estate. BLDG operates a portfolio comprising over 8,000 apartments and 20 million square feet of commercial space in over 300 properties across the United States.
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