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Hudson Companies Parkline Receives $92 Million HFA Refinancing

Transaction marks Union Bank's first foray into purchasing HFA bonds.

By Betsy Kim | Updated on December 22, 2017
The Parkline Apartments The Parkline in Prospect Lefferts Gardens, Brooklyn

NEW YORK CITY— Hudson Companies has secured $92 million in refinancing for the Parkline, a 254-unit multifamily rental apartment building in Prospect Lefferts Gardens, Brooklyn. The loan from Union Bank is structured as a direct purchase of tax-exempt bonds issued by the New York State Housing Finance Agency, under the 80/20 housing program.

The program requires 20% of the units to be set aside for low income households earning at or below 60% of the area median income. The other 80% of the apartments are rented at market rate.

Greystone Bassuk’s president Drew Fletcher, and managing director, Matt Klauer, led the debt placement for the transaction.

This refinancing replaces the original construction loan of $71.4 million, provided by Citibank in 2013. The new loan carries a 10-year term with five years of interest-only payment obligations.

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