Lending - Freddie Mac - $54.8M
Lease-up Financing for 24 Affordable Housing Units in Newly-Constructed Multifamily Property
Greystone provided $54,871,000 in Freddie Mac financing for The Dean, located at 1040 Dean Street in Crown Heights, Brooklyn. The loan, an exit from construction financing, was originated by Anthony Cristi of Greystone’s New York office.
The 10-year fixed-rate Freddie Mac CME loan is specifically designed for new construction assets nearing stabilization. Owned by Yoel Goldman of All Year Holdings, The Dean is a 120-unit 80/20 apartment building located at Dean Street and Franklin Avenue. The building includes 24 units reserved for residents earning 60% of the Average Monthly Income. Rising eight stories high, the property offers all residents a range of amenities such as a roof deck, lounge, fitness center, rooftop terrace, on-site parking, and bike room.
“The Dean is a high-quality asset with the added bonus of providing affordable housing to New York City residents, and we are thrilled to have worked with Mr. Goldman on yet another great transaction,” said Mr. Cristi.
“Greystone has been a reliable partner for us on a number of financing transactions, and we look forward to working with them on future deals as our portfolio continues to grow,” said Mr. Goldman.