Greystone Arranges $45.3 Million Refinance for Forte Real Estate Development’s 200-Unit Multifamily Development in Middlesex, NJ
Greystone announced that it has arranged a $45.3 million loan on behalf of Forte Real Estate Development for The View at Middlesex, a recently completed 200-unit class-A multifamily property located at 220 Lincoln Boulevard in downtown Middlesex, NJ. The new loan was originated by Benefit Street Partners Realty Trust, Inc. (“BSPRT”) and used to refinance the original construction loan provided by Procida Funding in 2018. The property commenced pre-leasing in late summer, received its first TCO in August, and was approximately 20% leased at loan closing.
The View is located in the heart of Middlesex, NJ offering its tenants a central regional location with easy transportation access plus walkability to local neighborhood shops. The View features upscale unit offerings with modern, quality designed interiors and amenities. The property consists of four, 5-story buildings featuring spacious one and two-bedroom apartments with elevators. The 200 rental units are divided among 140 one-bedroom and 60 two-bedroom units and the property includes 250 surface parking spaces, 96 covered parking spaces and 7,700 square feet of retail space. The property also features approximately 10,000 square feet of amenities including a gym, screening room, yoga room, lounge areas, a game room, wading pool, landscaped courtyards and roof deck.
The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Bryan Grover, and John Williams served as the exclusive advisor in arranging the debt on behalf of Forte.
“This loan is a perfect example of how transitional financing can help to de-risk and optimize a Sponsor’s business plan when there is a need for flexibility around the exit strategy,” said Drew Fletcher, President of Greystone Capital Advisors. “The new BSPRT loan allowed Forte to substantially reduce its interest carry, while providing additional runway to lease-up and stabilize the asset for the long-term. We are thrilled to have represented Forte in this transaction.”
“Forte completed a gorgeous multifamily project for which we’re happy to have provided a customized debt solution with the help of Greystone Capital Advisors,” said Brian Nowakowski, Managing Director at BSPRT. “At BSPRT, we specialize in providing flexible financing solutions that meet the many capital needs of our borrowers, originating both floating and fixed-rate loans.”
“We are excited to kick-off our relationship with BSPRT, and we look forward to working with them in the future,” said Massimo Pinelli, CEO and Founder of Forte. “As always, the Greystone team delivered a fantastic execution, and we are happy to have worked with them again as they play a key role in building out our pipeline.”