Greystone announced it has arranged a $35 million loan on behalf of an affiliate of BLDG Management Group for Stella Residences, a 45-unit class-A multifamily project in the East Village submarket of Manhattan. BHI (Bank Hapoalim B.M) provided the bridge loan, refinancing its existing construction loan for the asset. Greystone’s Drew Fletcher, Matthew Klauer and Jesse Kopecky served as exclusive advisor in arranging the financing on behalf of BLDG.
Stella is a 10-story rental apartment building located at 251 E 2nd Street in the East Village of Manhattan. The project offers an exclusive, boutique-living experience with a lifestyle-focused set of amenities catering to today’s renter such as generous layouts, high-end condo-quality finishes, and outdoor balcony/terrace spaces for some units. Amenities for residents include a fitness center, private resident lounge overlooking a landscaped roof deck with unobstructed views, laundry room, storage room, bicycle room, and a virtual doorman.