Greystone Lends $55M in Refi of New Brooklyn Apartment Building
By Matt Grossman August 3, 2018 1:14 pm
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Yoel Goldman has sealed a $54.9 million refinancing loan on a newly built apartment building in Crown Heights, Brooklyn, Commercial Observer can exclusively report.
The loan, courtesy of Greystone, will refinance $45 million in construction debt and add an additional $9.9 million in the form of a 10-year, fixed-rate Freddie Mac (FMCC) financing, a representative for the lender said. The loan will support the building’s expenses as it nears stabilization.
Goldman’s firm, All Year Holdings, wrapped construction of the project, The Dean, in April 2017, according to New York YIMBY. The building, at 1040 Dean Street on the southwest corner of Franklin Avenue, features 120 apartments and nearly 20,000 square feet of ground-floor retail space.
Twenty-four of the eight-story building’s residential units are reserved at rents affordable to residents who make no more than 60 percent of the area median income. Tenants will have access to a roof deck, an indoor lounge, a fitness center, a bike room and on-site parking.
“Greystone has been a reliable partner for us on a number of financing transactions, and we look forward to working with them on future deals as our portfolio continues to grow,” Goldman said in a statement.
Anthony Cristi originated the deal for Greystone.
“The Dean is a high-quality asset with the added bonus of providing affordable housing to New York City residents, and we are thrilled to have worked with Mr. Goldman on yet another great transaction,” Cristi wrote in Greystone’s announcement.
In July, a third-floor one-bedroom apartment in the building rented for $3,100 per month, according to data from StreetEasy. In June, a studio on the fourth floor fetched $2,475. Units range in size from 544 to 984 square feet. The building, featuring striking grids of floor-to-ceiling windows in facades along both Dean Street and Franklin Avenue, was designed by Manhattan-based ODA Architecture.
