Greystone, a real estate lending, investment and advisory company, announced the closing of a $550-million permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences (Sky), one of Manhattan’s premier mixed-use residential buildings. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City.
Steve Rosenberg, CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone.
Sky, located at 605 West 42nd Street, was developed by Moinian and designed by internationally acclaimed Rockwell Group. It is one of New York City’s most luxurious rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The building also holds the unique distinction of being the largest single-tower residential building in the United States, with 25 percent of its units designated as moderate and affordable housing.
The project is utilizing 4% low-income housing tax credits and both tax-exempt and taxable variable rate bonds issued by New York State Housing Finance Agency (HFA). The permanent loan was structured as a direct purchase by Freddie Mac of the HFA bonds with a pre-stabilized funding and early spread lock, and was put in place under the Affordable New York Housing Program, the city’s revamped 421-a tax abatement program.
Add Comment