Smile! BDG nabs $125M refinancing at Harlem multifamily
Invesco bridge loan retires AIG construction debt
Blumenfeld Development Group has 125 million new reasons to smile after refinancing its multifamily mixed-use building in East Harlem.
BDG scored a $125 million loan at The Smile, a 233-unit building at 158 East 126th Street. The loan was provided by Invesco Real Estate, retiring a construction loan from AIG in the process.
The refinancing was announced on Tuesday by Greystone, which arranged the financing on behalf of BDG. Drew Fletcher and Matthew Klauer led the Greystone Capital Advisors team on the deal.
The bridge loan from Invesco will give the developer added runway for lease-up and stabilization, potentially towards a future sale or refinancing, according to Fletcher.
The 11-story building was recently completed by BDG and designed by Bjarke Ingels Group. Amenities at the building include a fitness center, a rooftop deck with four pools and an outdoor movie theater, co-working space, a lounge with a kitchen and a spa. There’s also approximately 25,000 square feet leased to the Beth Israel Medical Center.
Floor layouts include studios, one- and two-bedroom apartments, according to Apartments.com. Rents range from $2,731 to $5,042.
BDG, along with CH Realty Partners and Declaration Partners, recently purchased a newly built warehouse in California’s Inland Empire for $57.5 million. Rockefeller Group was the seller for the fully leased, 333,600-square-foot facility in Perris.
Invesco was on the other end of a refinancing in November, when PCCP provided a $150 million loan for the office property at 80 Broad Street. Invesco co-owns the 423,000-square-foot building with Broad Street Development.