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.

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.