Douglaston Development Secures $250 Million Refinance Loan From Wells Fargo For Development Site In Brooklyn

The asset involved in the transaction is a development site located at 1057 Atlantic Avenue in Brooklyn, comprising a newly completed 456-unit apartment tower known as AtlanticBK. The transaction is significant, amounting to a $250 million bridge loan secured for refinancing purposes, replacing an original construction loan of $185 million.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $250,000,000
• Lender: Wells Fargo
• Landlord: Douglaston Development
• Brokers: Drew Fletcher, Bryan Grover & Paul Fried - Greystone
• Loan Type: Refinance

Douglaston Development has collaborated with Wells Fargo to refinance the AtlanticBK apartment tower, marking a significant financial move for the company. The deal involved key personnel from Greystone, namely Drew Fletcher, Bryan Grover, and Paul Fried, representing the interests of the landlord in this substantial transaction.