Drew Fletcher, Greystone Capital Advisors president
NEW YORK CITY—The joint venture of Rose Associates and Benenson Capital Partners refinanced Hoyt & Horn, their new 26-story rental tower at 210 Livingston St. in Downtown Brooklyn for $179 million. The 386-unit building is a mixed-income, multifamily residential complex.
Greystone Capital Advisors negotiated the 15-year, fixed-rate loan provided by Wells Fargo Multifamily Capital. It was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency's “80/20” Housing Program with secondary market credit enhancement. The new permanent loan replaces the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.
Led by president Drew Fletcher, with support from managing director Matthew Klauer and associate Bryan Grover, Greytstone served as exclusive advisor on the deal representing both Rose Associates and Benenson.
“The combination of elite sponsorship, market leading design and amenities and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients,” says Fletcher.
Beneson Capital Partners and Rose Associates commended Greystone's work in structuring a loan that allowed them to reach their goals without sacrificing leverage or pricing. Their joint statement added, “We are impressed that they were able to accomplish this at a time when major changes to rental laws were being legislated in Albany.”
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Also, be sure to get your nomination in for our multifamily influence feature by July 24th. Click here to register and view the agenda.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
