BHI provided the bridge loan for Stella Residences, a 45-unit apartment development at 251 East 2nd Street. The debt refinances a $30 million construction loan BHI previously supplied for the property.
Greystone Capital Advisors arranged the transaction with a team of Drew Fletcher, Matthew Klauer and Jesse Kopecky.
“BHI is thrilled to have completed this tailored transaction, by providing multi-year transitional financing, which replaces the prior successful construction loan refinancing,” Greg Nuber, BHI’s vice president of commercial real estate, said in a statement.
The 10-story building offers studio to two-bedroom units with outdoor balcony/terrace spaces offered for some of the apartments. The property features fitness center, private resident lounge overlooking a landscaped roof deck, laundry room, storage room, bicycle room and virtual doorman.
“This financing demonstrates the continued strong demand for high-quality transitional multifamily assets in New York City,” Fletcher, president of Greystone Capital Advisors, said in a statement. “As the existing construction lender, BHI was able to structure a flexible bridge solution that will allow BLDG to stabilize and season the property prior to converting to long-term permanent financing.”
Manhattan-based BLDG, founded by Goldman in 1984, has a portfolio of more than 300 properties in multifamily, retail, office and industrial throughout the U.S.
“BHI has been an exceptional and creative partner throughout the construction,” Goldman said in a statement. “We are extremely pleased to expand our relationship through this new financing.”
Andrew Coen can be reached at firstname.lastname@example.org.