FINANCED
Wells Fargo, M&T, And BankUnited Provide $287M Construction Loan For 456-Unit Multifamily In New York City
1057 Atlantic Avenue
Development Site
46,000 SF
46,000 SF
Financed 337 days ago
Summary
Loan
NEW YORK
Development Site
46,000 sqft
The multifamily property located at 1057 Atlantic Avenue in New York City has been involved in a closed loan transaction. The property spans a total square footage of 474,000 and comprises 456 units. The loan amount for this transaction is $287,000,000 and it is classified as a construction loan. The lenders involved in this deal are Wells Fargo, M&T, and BankUnited. Douglaston Development is the landlord of the property.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $287,000,000
- Total Square Footage: 474,000
- Number of Units: 456
The transaction was facilitated by Drew Fletcher, Bryan Grover, and Paul Fried of Greystone. They represented the landlord, Douglaston Development, in this deal. It is worth noting that the loan amount includes a preferred equity investment from an affiliate of Ares.
Players
Details
FINANCED
IMAGE: Drew Fletcher, Bryan Grover & Paul Fried
DATE: 05/26/2023
ADDRESS: 1057 Atlantic Avenue
MARKET: New York City
ASSET TYPE: Multifamily ~ SF: 474,000 ~ UNITS: 456
LENDER: Wells Fargo, M&T, BankUnited
LANDLORD: Douglaston Development
BROKERS: Drew Fletcher & Bryan Grover (@Bryan.Grover) & Paul Fried - Greystone
LOAN AMOUNT: $287,000,000
LOAN TYPE: Construction
NOTE FROM BROKER: Loan Amount includes a preferred equity investment from an affiliate of AresView on map
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Address1057 Atlantic Avenue
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