The new 10-year, fixed-rate Freddie Mac loan refinances the original $251,000,000 construction credit facility provided by Bank of China in 2015. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund and Scott Wallace collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.
The Summit, located at 222 East 44th Street, is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120% of the New York City Area Median Income (“AMI”), 44 units are designated for tenants earning 60% of AMI, 43 units are designated for tenants earning at or below 40% of AMI, and the remaining 320 units are market-rate.