Greystone Closes $132.9 Million Fannie Mae Loan to Refinance Staten Island Urby, Urby’s Mixed-Use, 571-Unit Rental Development on Staten Island
February 13, 2019
Category: Commercial, Fannie Mae, Multifamily
Greystone, a leading commercial real estate lending, investment, and advisory firm, announced it has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit “80/20” mixed-income multifamily rental apartment complex located on the waterfront in Staten Island, New York. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski, Managing Director Matt Klauer, and Associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone’s debt business. The new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.
Completed in 2016, Staten Island Urby is located at 7 and 8 Navy Pier Court in Staten Island, New York on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave Streets. Staten Island Urby consists of one 4-story building and one 5-story building that together feature 571 LEED-certified multifamily units across approximately 292,369 net rentable square feet, extensive amenity space, and 35,000 square feet of retail space. 115 of the total units (representing ~20% of the total number of apartments) are affordable housing units priced at 60% of AMI. The remaining 456 apartments are priced at market rents.
Urby aims to deepen the very nature of apartment living by applying the personal approach and design associated with boutique hotel hospitality to the residential experience. Inside and out, fresh design maximizes space and light, while in-house culture teams host get-togethers to spark interaction, creativity, and good times among neighbors. Urby was created by David Barry who combined his astute sense of the apartment industry and skills in real estate development with his experience operating boutique hotels. Major investments in notable hotel projects include The Standard East Village, Chiltern Firehouse in London, Pod Hotel in Williamsburg, W Hotel in Hoboken, and such notable residential projects as Shipyard Hoboken, Pier Village, and 10 Bond. For Urby, Barry collaborates creatively with Amsterdam-based design firm Concrete – best known for CitizenM Hotel designs – for its architecture and interior design.
Collective spaces at Staten Island Urby, which are designated for get-togethers among residents, include one of New York City’s largest urban farms, as well as the Urby Kitchen, which hosts cooking demonstrations by local chefs, pop-up dinners, tastings and talks. The development also includes a 5,100-square-foot gym, outdoor saltwater pool, landscaped courtyards with fire pits and play areas, Wi-Fi enabled green spaces, filtered water filling stations in the lobbies and an on-site 300-car garage. The building offers sweeping panoramic views of the Statue of Liberty, Verrazano Bridge, Brooklyn and Lower Manhattan.
Staten Island Urby also includes 35,000 square feet of commercial space situated around the main concourse with direct waterfront views and easy access to the esplanade. The retail programming, designed to bring the waterfront experience to residents and area locals, includes recently-opened Barca, Staten Island’s first Mediterranean-style seafood restaurant from celebrated chefs Dave Pasternack and Vic Rallo, as well as Rallo’s Surf, a 200-seat dual-level space dedicated to live wood-fire cooking and a new take on barbeque. Seppe Pizza Bar is run by brothers, Joe Iovino and Damian De Rosaire, who have familial roots in Naples, Italy. Staten Island Urby’s lobby café is operated by boutique, New Jersey-based coffee roaster, Coperaco, known for providing high-quality coffee to some of the most prestigious chefs and restaurants in the world. “Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” said Mr. Fletcher. “We are incredibly excited to have represented Urby on this project as they continue their push to redefine the standards for big city rental housing.”