February 12, 2019
Greystone Bassuk has closed on a $75-million Fannie Mae loan to Edison Properties LLC for the Ludlow, a 23-story, 241-unit mixed-income multifamily rental apartment building located on the Lower East Side. The new 15-year fixed-rate permanent loan refinances the original construction-to-perm credit facility provided by Helaba Landesbank Hessen-Thüringen in 2006.
“Our goal for this transaction was to convert to long-term permanent financing at a fixed rate, to mitigate future interest rate exposure and provide additional term to transition beyond the upcoming burn-off of the 421-a tax abatement,” said Edison CFO Tony Pinto. “Greystone Bassuk delivered an execution that exceeded our expectations, while putting the project on solid footing for the long term.”
Drew Fletcher led the Greystone Bassuk team in placing the loan, supported by Ken Rogozinski and Matt Klauer. Billy Posey and Jeff Englund collaborated on the structure for the borrower, and spearheaded the loan process for Greystone.
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