AIG Investments Funds $125M Loan For Commercial Property In New York

The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem, has been refinanced with a $125 million bridge loan. The property includes 25,000 square feet of commercial space leased to Beth Israel Medical Center. It features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities such as coworking space, a fitness center, spa, an outdoor space with four pools, a lounge, and a movie theater enhance the property's appeal.

Summary of transation details:

• Property Type: Commercial
• Transaction Amount: $125,000,000.00
• Market: New York
• Borrower's Rep: Matthew "Matt" Klauer
• Lender: AIG Investments

Drew Fletcher and Matthew Klauer led the Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower. The borrower is a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.