Greystone Bassuk Group Closes $140M 80/20 Refi

The Dermont Co. refinances 66 Rockwell Place in Brooklyn, N.Y.; Capital One closes a $52 million senior loan for a Connecticut continuing care property; and Berkadia negotiates construction financing.
66 Rockwell Place, courtesy Google Maps.

66 Rockwell Place, courtesy Google Maps.

Brooklyn, N.Y.—The Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under the New York State HFA 80/20 program for 66 Rockwell Place in Brooklyn, N.Y.. The borrowers are an affiliate of developer The Dermont Co. and its partner, Lowe Enterprises Investment Management, which is acting as an advisor on behalf of the Commonwealth of Pennsylvania State Employees Retirement System.

The financing was structured with $90 million of 2010 Seires A low floater tax-exempt bonds; $9 million of 2015 Series A low floater tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing. Proceeds were used to repay Dermont’s existing construction loan and to reduce equity in the project.

The 42-story, 326-unit community is located on the corner of Flatbush Avenue and Rockwell Place in Brooklyn’s Fort Greene neighborhood. Sixty-six of the apartments are designated as affordable for those earning 50 percent or lower of NYC AMI, while 10 are affordable to those earning 40 percent or below of AMI. The remaining are at market rate.

Capital One closes $52M for Connecticut continuing care

North Branford, Conn.—Capital One has closed a $52 million senior secured loan to refinance Evergreen Woods, a continuing care retirement community in North Branford, Conn. The Shelter Group is the owner, and First Niagara participated in the loan.

The asset is located about nine miles from New Haven, and consists of 227 independent living units, 22 assisted living units, and 50 skilled nursing beds. Evergreen Woods is managed by Brightview Senior Living, an affiliate of The Shelter Group with 30 senior housing facilities throughout the Northeast and Mid-Atlantic.

Berkadia negotiates $26M in construction financing for historic property

Seattle—Berkadia announced that it recently secured over $26 million in construction financing for the Publix Apartments, a multifamily property that will be redeveloped to provide market-rate housing for residents in Seattle’s Historic International District. Vice President Rob Affleck of Berkadia’s Camas, Washington office arranged the loan through the U.S. Department of Housing and Urban Development’s (HUD) and Federal Housing Administration’s (FHA) 221(d)(4) sub rehabilitation program.

The deal, closed on behalf of borrower Publix LLC, is the first historic tax credit deal completed by the Seattle HUD office. Additional loan terms include a 40-year, non-recourse loan with a 83 percent loan-to-value ratio.

The property offers affordable housing in conjunction with Seattle’s Multifamily Tax Exemption Program, which will enable Publix Apartments to take advantage of a 12-year tax abatement for offering 20 percent of the units to income-qualified residents.

Located at 504 5th Avenue South between S. Weller and S. King Streets, proposed property plans will include 125 units–60 vintage restored units and 65 newly constructed units–over a commercial ground floor. The property will also have 28 garage units on an underground level. Previously known as the Publix Hotel, the building was constructed in 1927 and converted to affordable housing before closing in 2003.