BHI Lends $35M on East Village Apartment Building

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Lloyd Goldman’s BLDG Management Group has landed a $35 million debt package to refinance a new multifamily project in Manhattan’s East Village, Commercial Observer can first report. 

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.

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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 acoen@commercialobserver.com