The Hudson Cos. has secured $91.8 million in permanent financing for The Parkline, its apartment building project in the Prospect Lefferts Gardens neighborhood of Brooklyn. Greystone Bassuk arranged the loan with MUFG Union Bank N.A. The new funding will replace the original construction facility that Citibank provided in 2013. The financing was structured as a direct purchase of bonds together with a new conventional participation loan issued by the New York State Housing Finance Agency. The 10-year permanent loan offers five years of interest-only payments and includes an earn-out structure to increase proceeds based on future growth.
Located at 626 Flatbush Ave., the 24-story building is LEED Gold and ENERGY STAR certified. The property hosts a cogeneration plant using gas-powered motors to create electricity. The 254 unit property has 51 units reserved for low-income households earning at or below 60 percent of the area’s median income. The tower will also feature 4,700 square feet of ground-floor retail and 137 on-site parking spaces. President Drew Fletcher and Managing Director Matt Klauer of Greystone Bassuk led the debt placement for the transaction.
