NEW YORK, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Greystone Bassuk, a leading New York-based real estate finance advisory firm, today announced the closing of $184 million in permanent loans made to affiliates of the Gotham Organization, Inc. (“Gotham”) in two separate transactions.
The first loan was a $59,000,000 permanent mortgage to refinance The Nicole, a 19-story, 149-unit luxury “80/20” multifamily rental apartment building located at 400 West 55th Street in the Midtown West neighborhood of Manhattan. The second loan was a $125,000,000 permanent mortgage to refinance Atlas New York, a 48-story, 373-unit luxury “80/20”” multifamily rental apartment building located at 66 West 38th Street. Both properties were refinanced with new 15-year fixed and floating rate permanent loans originated by Wells Fargo Multifamily Capital and structured as a direct purchase of the existing HFA and HDC tax-exempt and taxable bonds, along with supplemental taxable financing to generate additional proceeds for the Sponsor. The new debt replaces approximately $140 million in variable rate bond credit enhancement provided by Fannie Mae.
The Nicole, completed in 2003, comprises 149 residential units, 34,000 square feet of commercial space and a full suite of amenities. Of the 149 units, 30 units are set aside for low-income households. Atlas New York, completed in 2002, contains 373 units, 59,000 net rentable square feet of commercial space, an 18,000 square foot garage and several thousand square feet of indoor/outdoor amenity space. Of the 373 residential rental units, 75 units are set aside for low income households. The Sponsor has recently completed extensive renovation programs at both properties including significant upgrades to the unit interiors, common areas and amenity spaces.
Greystone Bassuk, led by President Drew Fletcher, and with support from Managing Director Matthew Klauer and Senior Associate Steven Deck, served as exclusive advisor on behalf of the Borrower. “Gotham is one of New York City’s premier developers due to its demonstrated ability to enhance neighborhoods through its creative approach to residential and commercial development,” said Mr. Fletcher. “The Nicole and Atlas New York are perfect examples of well-designed, well-managed assets that continue to be market leaders in an increasingly competitive landscape. We are extremely proud to have represented Gotham Organization on each transaction.”
“Gotham is delighted to have worked with Greystone Bassuk and Wells Fargo on these important transactions,” said David Picket, President of Gotham. “Both of these loans required creativity, tenacity and cohesion among the various stakeholders, and the Greystone Bassuk team delivered an execution that exceeded our expectations.”
About Greystone Bassuk
Greystone Bassuk is a 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 Agency, bridge, mezzanine, and EB-5 loans as well as equity financing solutions.
About Greystone
Greystone is a leading commercial 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 Gotham Organization, Inc.
Gotham’s three business divisions, Gotham Development, Gotham Properties, and Gotham Hospitality, offer a diverse and evolving portfolio of luxury rentals, condominiums, retail and mixed-use spaces, a full-service property management business, and the artisanal food halls Gotham West Market and Gotham Market at The Ashland. The firm currently owns or is developing 4.1 million square feet of residential, commercial and retail properties and its new property management division manages residential and commercial space for 4,000 residents and 35 commercial tenants. Gotham’s rich legacy began in construction; for over a century, Gotham Construction Company has built over 40 million square feet of space, including office buildings, hospitals, schools, retail centers, and 35,000 apartments. The company’s innovative approach and leadership continues to reshape the NYC skyline, streetscape and industry, while its ethos remains grounded in construction and an ability to build projects on time and on budget. For more information, please visit www.gothamorg.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com