Greystone Provides $17M Refi for Brooklyn Asset
The Fannie Mae loan will be used to pay off a $12 million construction loan on the newly built condominium property.
By Jeff Hamann
Greystone has provided a $17 million refinancing package for a newly built, 24-unit condominium community in New York City. The 10-year Fannie Mae DUS loan has a fixed interest rate and includes several years of interest-only payments over a 30-year amortization period. The funds pay off a prior $12 million construction loan held by Investors Bank, according to public records.
Located at 152 Manhattan Ave., in Brooklyn’s Williamsburg neighborhood, the community is situated three blocks from the Montrose Avenue subway station. The property also sits within one mile of the entrance to the Brooklyn-Queens Expressway. In addition to the residential units, the five-story structure houses 5,375 square feet of street-level retail and 3,949 square feet of medical office space on the second floor, according to New York YIMBY. The development, which broke ground in 2016, opened last July.
David Eisen of Eastern Union worked on behalf of the owner—a private investor—to secure the financing.
Image via Google Street View