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

From left: Bob Faith, 160 West 24th 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, 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