Brooklyn Community Lands $92M
- Jan 03, 2018
The Hudson Cos. has landed $91.8 million for its newest apartment building, dubbed The Parkline, in the Prospect Lefferts Gardens neighborhood of Brooklyn, N.Y. Greystone Bassuk arranged the permanent loan with MUFG Union Bank N.A.
The Union Bank financing will replace the original construction facility that Citibank provided in 2013. The financing was structured as a direct purchase of bonds together with a new conventional participation loan issued by the New York State Housing Finance Agency. The 10-year permanent loan offers five years of interest-only payments and includes an earn-out structure to increase proceeds based on future growth.
Located at 626 Flatbush Ave., the 24-story building is LEED Gold and ENERGY STAR certified. The property hosts a cogeneration plant using gas-powered motors to create electricity. Now stabilized, the 254-unit community offers studio, one-, two- and three-bedroom floorplans ranging from 416 to 1,183 square feet, with 51 units reserved for low-income households earning at or below 60 percent of the area median income. Interior features include washer/dryers, above-standard ceiling heights, hardwood floors and private balcony/patios in select units. Residents have access to the following amenities:
- penthouse lounge
- private chef’s kitchen and bar
- rooftop terraces
- private screening room
- yoga studio
- fitness center
- children’s playroom
- 137 on-site parking spaces
- 4,700 square feet of ground-floor retail
“We are truly proud to bring a first-class, green development to Prospect Lefferts Gardens, including both affordable and market-rate units, Maple Street School, Greenlight Bookstore and unparalleled views of Prospect Park and the Manhattan skyline,” said Alison Novak, principal at The Hudson Cos.
President Drew Fletcher and Managing Director Matt Klauer of Greystone Bassuk led the debt placement for the transaction. In November, the company also brokered the loan transaction for the Ashland in Brooklyn, N.Y., on behalf of the Gotham Organization. The community secured $217.5 million in refinancing proceeds from Wells Fargo Multifamily Capital.
Image courtesy of The Hudson Cos.