Blumenfeld Secures $125M Refi for Harlem Property

Greystone Capital Advisors arranged the bridge loan.

The Smile. Image courtesy of Blumenfeld Development Group

Blumenfeld Development Group has refinanced The Smile, a Class A, 11-story, 233-unit mixed-use property in the Harlem section of New York City with a $125 million bridge loan provided by Invesco Real Estate.

The Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, acted as exclusive advisor to BDG to refinance the $87 million construction loan provided by AIG for the recently completed property. Located at 158 W. 126th St., The Smile has about 25,000 square feet of space leased to Beth Israel Medical Center. The commercial space is on the first two floors.

BDG, a development, investment and management firm, developed the asset to meet the demand for full-service, highly-amenitized luxury housing in Harlem. The building was designed by world-renowned BIG | Bjarke Ingels Group.

Fletcher called the building one of the most architecturally distinctive multifamily properties in upper Manhattan. He said in a prepared statement the floating rate bridge loan gives BDG the additional runway needed to lease up and stabilize the property in anticipation of a future sale or refinance.

Property Details

The building offers a variety of floorplans for studios, one-bedroom and two-bedroom units ranging in size from 458 square feet to 1,009 square feet, according to Yardi Matrix data. A “70/30” apartment building, 70 percent units are rented at market rate, while 30 percent are retained as affordable apartments.

Amenities include a fitness center, rooftop deck with four pools, lounge, barbeques and outdoor movie theater. The property also has a co-working space that overlooks a six-story gallery, lounge with a kitchen and pantry and spa.

The units have smart technology including under-cabinet, color-changing LED lighting and smart thermostats as well as Latch smart entry locks. Several units offer a system that uses voice commands and robotics to store pieces of furniture, including the bed and desk, into the ceiling when not in use.

All apartments have washer and dryer hookups and above average ceiling heights. Private balconies and patios are available in select units. Covered parking is available for an additional monthly fee.

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