Greystone Arranges $125M Refi for Harlem Multifamily Development
Blumenfeld Development Group (BDG) has secured a $125 million refinance for The Smile, a 233-unit Class A multifamily project located in Manhattan’s Harlem neighborhood, Commercial Observer can first report.
“BDG has had the benefit of working with Greystone since the original conceptual design of The Smile, and we are thrilled with the execution that Greystone has secured,” said David Blumenfeld, vice president of BDG. “Invesco was an advocate since the moment they were introduced to the asset, and we look forward to expanding our relationship with them in the future,” Blumenfeld said.
Invesco Real Estate provided the bridge loan at The Smile, at 158 East 126th Street, which retires construction debt previously provided by AIG.
Yorick Starr, a senior director at Invesco Real Estate, described the property as a “unique asset in such an exciting neighborhood.”
The Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, acted as exclusive advisers in arranging the financing on behalf of BDG.
“The Smile is one of the most architecturally distinctive new rental buildings in Upper Manhattan, bringing both market rate and affordable housing to the growing East Harlem market,” said Fletcher, president of Greystone Capital Advisors. “We are proud to have partnered with BDG and Invesco on this refinance execution.”
The Smile, an 11-story multifamily rental building developed by BDG, has 25,000 square feet of commercial space leased to the Beth Israel Medical Center. Designed by Bjarke Ingels Group, the project’s amenities include fitness center, rooftop deck with four pools, spa, lounge, barbeques, outdoor movie theater and co-working space that overlooks a six-story gallery.
Emily Fu can be reached at efu@commercialobserver.com.
