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Greystone Secures $250M Bridge Loan for AtlanticBK Mixed-Income Development in Brooklyn
Greystone has successfully arranged $250 million in bridge financing for AtlanticBK, a newly completed 456-unit mixed-income residential development located in Brooklyn. Greystone Capital Advisors, led by Drew Fletcher, Paul Fried, and Bryan Grover, served as the exclusive advisor on behalf of the development team.
AtlanticBK was developed by Douglaston Development, a prominent New York City-based owner, operator, and developer. The project also includes co-investment and development contributions from Ailanthus, the housing development affiliate of Totem, and BEB Capital.
The new bridge loan, which originated from Wells Fargo, effectively replaces the prior $185 million construction loan with a $250 million refinancing package. This new financing is designed to support the critical lease-up phase and facilitate the property’s stabilization.
“This refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,” said Drew Fletcher of Greystone Capital Advisors. “The restructured financing provides added flexibility, lowers the cost of capital, and positions the property for a smooth path to stabilization as leasing accelerates.”
The AtlanticBK project adds much-needed mixed-income housing to the Brooklyn market and reflects a broader strategy of long-term investment and public-private collaboration in urban residential development.
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