188 Ludlow St., Lower East Side in Manhattan
NEW YORK CITY—Edison Properties, LLC, a family-run, real estate firm founded by Gerry Gottesman, received a $75 million Fannie Mae loan for its residential property at 188 Ludlow St., called The Ludlow.
The 23-story, 241-unit, mixed-income, multifamily rental building was originally completed in 2008. The new, 15-year, fixed-rate permanent loan refinances the original construction-to-perm credit facility provided by Helaba Landesbank Hessen-Thüringen in 2006.
The Greystone Bassuk capital markets advisory group, led by president Drew Fletcher, with Ken Rogozinski and Matt Klauer, served as the exclusive advisor to Edison Properties and placed the Fannie Mae loan. Greystone's Billy Posey and Jeff Englund worked on the structure for the borrower and spearheaded the loan process.
Located at the southeast corner of Ludlow and E. Houston streets in the Lower East Side neighborhood of Manhattan, the project spans 210,000 gross square feet including 5,500 square feet of ground-floor retail. Of all the units, 62 or approximately 25%, are set aside for low- and moderate-income households.
The project features floor-to-ceiling windows with unobstructed city views. Building amenities include a 24-hour concierge, state-of-the-art fitness center, rooftop sundeck, a lounge with a billiards and media room, and parking.
“Originally assembled and operated as a parking lot over 40 years ago, The Ludlow is a testament to Edison's vision and commitment to investing in neighborhoods for the long-term,” says Fletcher.
“Edison is thrilled to deepen its relationships with both Greystone and Fannie Mae with this financing,” says Tony Pinto, CFO at Edison. “Our goal for this transaction was to convert to long-term permanent financing at a fixed rate to mitigate future interest rate exposure and provide additional term to transition beyond the upcoming burn-off of the 421-a tax abatement.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
