February 22, 2019
Greystone Bassuk has closed on $184 million in permanent loans to affiliates of the Gotham Organization for a pair of rental apartment towers in Midtown. The new debt replaces approximately $140 million in variable rate bond credit enhancement provided by Fannie Mae.
The larger of the two loans was a $125-million permanent mortgage to refinance Gotham’s Atlas New York, a 48-story residential building at 66 W. 38th St. A Greystone Bassuk team of Drew Fletcher, Matthew Klauer and Steven Deck also arranged a $59-million permanent mortgage on the Nicole (pictured) at 400 W. 55th St.
Both properties recently received extensive renovations, and were refinanced with new 15-year fixed and floating rate permanent loans originated by Wells Fargo Multifamily Capital. They were 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.
For comments, questions or concerns, please contact Paul Bubny