Greystone arranged $250 million in bridge financing for AtlanticBK, a newly delivered 456-unit mixed-income residential development in Brooklyn. Greystone Capital Advisors, led by Drew Fletcher, Paul Fried and Bryan Grover, served as exclusive advisor on behalf of the developers.
The project was developed by Douglaston Development, a leading vertically integrated owner, operator, and developer based in New York City. Ailanthus, Totem’s housing development affiliate, and BEB Capital, have co-invested alongside Douglaston and are co-developers on the project. The transaction replaced Wells Fargo’s original $185-million construction loan with a new Wells Fargo-originated $250-million bridge loan to support lease-up and stabilization.
“This refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,” said Fletcher. “The restructured financing provides added flexibility, lowers the cost of capital, and positions the property for a smooth path to stabilization as leasing accelerates.”
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