At a glance
- Benefit Street provided the loan, according to Connect CRE.
- The loan works out to roughly $280,000 a unit.
- A lender sizing new debt on the building will weigh the abatement's remaining term through 2054 as heavily as the rent roll.
Newmark arranged a $47.6 million refinancing for The Hudson Companies on The Clark, a 170-unit mixed-income property in Brooklyn's Prospect Lefferts Gardens. Benefit Street provided the loan, according to Connect CRE.
The loan works out to roughly $280,000 a unit. The property carries a 35-year 421-a abatement that runs through June 2054. The building at 310 Clarkson Ave. was completed in 2018 with market-rate, rent-stabilized and affordable units.
A lender sizing new debt on the building will weigh the abatement's remaining term through 2054 as heavily as the rent roll.
The rate on this refinancing was not disclosed.
Newmark's research puts new multifamily loans at 5.69% against 4.04% on debt maturing in the third quarter, a 41% gap in interest cost, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections