Greystone Arranges $50 Million Refinance for Hudson Companies’ House No. 94, a 75-Unit Rental Building in Williamsburg, Brooklyn
November 18, 2019
Category: Multifamily, Bridge
Greystone announced the closing of a $50,000,000 bridge loan made to an affiliate of Hudson Companies, Inc. to refinance House No. 94, a brand new 7-story, 75-unit “80/20” mixed-income multifamily rental building located at 94 North 3rd Street in Williamsburg Brooklyn. The 5-year variable-rate loan was provided by an affiliate of Ares Management LLC to replace the original Wells Fargo construction facility.
House No. 94, completed in 2018, features condominium-quality finishes, two roof decks with Manhattan skyline views, a 12,000 square foot landscaped courtyard and an extensive amenity package that includes an attended lobby, bicycle storage, a state-of-the-art fitness center and tenant lounge. In addition, retail tenants at the building include SolidCore, a one-of-a-kind workout program that focuses on controlled resistance training, and two luxury retailers to be announced in conjunction with early 2020 openings.
Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Analyst Cassandra Connolly. “House No. 94 is another example of Hudson Companies’ unique ability to deliver contextual, thoughtfully-designed projects that offer great value to tenants while also enhancing the neighborhoods in which they are located,” said Mr. Fletcher. “We are thrilled to have deepened our relationship with both Hudson Companies and Ares on this exciting transaction.”
Alison Novak, a principal at Hudson Companies, shared her enthusiasm: “Greystone’s deep capital markets knowledge, creativity and determination were essential in executing this important assignment for Hudson and its partners. We are also deeply appreciative of the team at Ares who worked quickly under a tight closing timeframe to deliver a great execution.”