Greystone today announced that it has arranged a $50 million leasehold construction facility for Adam America Real Estate (“AARE”). The construction loan was provided by BMO Harris Bank (“BMO”), a Chicago-based banking subsidiary of BMO Financial Group, to finance the development of a six-story, mixed-use multifamily building with 299 units, 206 ancillary parking spaces, and approximately 6,100 square feet of ground floor retail space located at 44 Olive Street in New Haven, CT.
Greystone Capital Advisors’ Drew Fletcher and Matthew Hirsch served as the exclusive advisors in arranging the financing for the Development.
“AARE is a top owner-developer in New York City and the tri-state area. The firm’s dynamic approach to development allows it to be a first-mover in new markets and deliver high-quality, transformative multifamily projects,” said Mr. Fletcher, head of Greystone Capital Advisors. “The financing of 44 Olive Street was a highly structured transaction that required creativity, perseverance, and effort from the working group. We are excited to have contributed to this execution and to have deepened our relationships with AARE and BMO.”
“This new project leads our firm’s expansion into a new market and represents the firm’s first step in entering the multifamily student-oriented housing space. 44 Olive Street provides critical inventory to New Haven which has minimal new multifamily product, low vacancy, and extraordinarily strong demand drivers,” said Omri Sachs, Founder of AARE. “Greystone and BMO delivered a great execution and we are very excited to work with them on future deals,” said Mr. Sachs.