The Real Deal New York

Greystar takes $184M in financing for Chelsea, Brooklyn buys

Loan from Capital One and New York Community Bank will fund four recent purchases

March 10, 2016 08:41AM

From left: Bob Faith, 160 West 24th Street and a rendering of 247 North 7th Street

From left: Bob Faith, 160 West 24th Street and a rendering of 247 North 7th Street

Greystar just picked up two major loan to finance its recent spree of buys.

The company borrowed $184 million in total, from Capital One and New York Community Bank, the New York Observer reported.

NY Community Bank’s five-year, $115 million loan will finance Greystar’s purchase of the 18-story rental complex at 160 West 24th Street, called the Chelsea, along with the adjacent 167 West 23rd Street, a three-story retail building. Greystar paid $211.3 million to Chicago-based LaSalle Investment Management for the two earlier this month.

Abe Hirsch and Zev Karpel of Meridian Capital Group represented Greystar in the transaction.

The Charleston, S.C.-based developer also took a five-year, $69 million loan from Capital One to finance its purchase of two rental buildings in Williamsburg, 247 North 7th Street and 248 North 8th Street, which it bought from Adam America Real Estate for $125 million, also in March.

Greystar sold a 10,399-unit multifamily portfolio in December to the Blackstone Group for $2 billion. [NYO]Ariel Stulberg

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