Wells Fargo, M&T, And BankUnited Provide $287M Construction Loan For 456-Unit Multifamily In New York City

The property asset involved in this transaction is a multifamily building located at 1057 Atlantic Avenue in New York City. The asset encompasses a total square footage of 474,000 and consists of 456 units. The total loan amount secured for this project is $287,000,000, classified as a construction loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $287,000,000
• Address: 1057 Atlantic Avenue
• Market: New York City
• Lender: Wells Fargo, M&T, BankUnited
• Landlord: Douglaston Development
• Brokers: Drew Fletcher, Bryan Grover & Paul Fried - Greystone

The loan amount includes a preferred equity investment from an affiliate of Ares. The transaction involves key brokers Drew Fletcher, Bryan Grover, and Paul Fried who are representing the landlord, Douglaston Development, in this deal.