Greystone Secures $50M Refi for Brooklyn Community
Hudson Cos. will use the loan to retire prior debt used for the construction of House No. 94.
An affiliate of Hudson Cos. has refinanced House No. 94, a recently completed community in Brooklyn. Ares Management funded the $50 million, variable-rate loan, which has a five-year term and will be used to pay off a prior construction loan provided by Wells Fargo Bank.
The seven-story, 80-20 mixed-income community encompasses 75 studios, one- and two-bedroom units. Amenities include a lobby, bicycle storage, fitness center, tenant lounge, two roof decks overlooking Manhattan, as well as a 12,000-square-foot landscaped courtyard. House No. 94 also has a retail component occupied by SolidCore, with two other companies scheduled to move in at the beginning of 2020.
Located at 94 N. 3rd St. in the borough’s Williamsburg neighborhood, the property sits within walking distance to eateries, bars, coffee shops, retailers and health centers. Public transportation is facilitated by two nearby bus stations, as well as a bike sharing station located right next to the building.
Greystone President Drew Fletcher served as exclusive advisor on the transaction, alongside Managing Director Matthew Klauer and Analyst Cassandra Connolly. Earlier this month, the company arranged the refinance of another Brooklyn community.