BLDG Management Co., the privately held NYC-based real estate company, has secured a $254 million, 10-year construction-to-permanent loan in a deal brokered by The Greystone Bassuk Group. Bank of China provided the loan for the development of an 80/20 property at 222 East 44th Street, according to a Commercial Observer article. Under the 80/20 Housing Program, will contain 342 residential units at market-rate rent and 87 affordable units for households earning 60 percent of the New York City area median income or under.
"While Bank of China is a relatively new player in the "80/20" space, their long-term orientation and emphasis on sponsorship made them an ideal partner for BLDG and allowed them to deliver a superior execution," said Greystone's Drew Fletcher, EVP.
Greystone CEO Richard Bassuk added, "BLDG's project is timed perfectly to satisfy the growing need for full-service luxury rental product in a highly convenient, yet underserved submarket of Midtown East."
The project is on a through-block site extending from 43rd Street to 44th Street between 2nd Avenue and 3rd Avenue in a centrally located and underserved residential submarket of Midtown East. The project will consist of a 43-story high-rise multifamily residential apartment tower with ground floor retail and a multi-level parking garage.
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