Greystone Arranges $125 Million Loan for Refinance of Blumenfeld Development Group’s Harlem Development, The Smile
Greystone has arranged a $125 million loan on behalf of Blumenfeld Development Group (BDG) for The Smile, a 233-unit class-A multifamily project with ~25,000 square feet of commercial space leased to the Beth Israel Medical Center.
The Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, acted as exclusive advisor in arranging the financing on behalf of BDG. Invesco Real Estate, a global real estate investment manager, provided the bridge loan to refinance the construction loan provided by AIG.
The Smile is an 11-story, 233-unit, recently completed “70/30” multifamily rental apartment building located at 158 East 126th Street. BDG developed this asset to meet the significant and growing demand for full-service, highly amenitized luxury housing in Harlem while providing a more affordable price point compared to comparable full-service projects in Manhattan. Designed by world-renowned BIG | Bjarke Ingels Group, the project offers a comprehensive suite of amenities including a fitness center, expansive rooftop deck with four pools, lounge, barbeques and outdoor movie theater, co-working space that overlooks a six-story gallery, lounge with a kitchen and pantry, and a state-of-the-art spa.
“We are thrilled to have worked with our friends at BDG again on the recapitalization of The Smile, one of the most architecturally distinctive multifamily properties in upper Manhattan. The new floating rate bridge loan provided by Invesco will provide BDG with the additional runway needed to lease-up and stabilize the property in anticipation of a future sale or refinance,” said Drew Fletcher, President of Greystone Capital Advisors.
David Blumenfeld, Vice President of BDG, said, “BDG has had the benefit of working with Greystone since the original conceptual design of The Smile, and we are thrilled with the execution that Greystone has secured. Invesco was an advocate since the moment they were introduced to the asset, and we look forward to expanding our relationship with them in the future.”
Yorick Starr, Senior Director of Invesco Real Estate commented: “We are delighted to have the opportunity to partner with Blumenfeld Development Group and Greystone on this unique asset in such an exciting neighborhood.”