Douglaston Development has landed a $250 million bridge loan to refinance a newly completed luxury apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood, Commercial Observer has learned.
Wells Fargo supplied the bridge financing for AtlanticBK, Douglaston’s 456-unit mixed-income residential development at 1057 Atlantic Avenue, according to broker Greystone Capital Advisors.
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The transaction, which Greystone said will support lease-up and stabilization for AtlanticBK, replaced Wells Fargo’s original $185 million construction loan for the project.
“This refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,” Drew Fletcher, president of Greystone, said in a statement. “The restructured financing provides added flexibility, lowers the cost of capital, and positions the property for a smooth path to stabilization as leasing accelerates.”
Fletcher negotiated the transaction on behalf of the lender, along with Greystone colleagues Paul Fried and Bryan Grover. Spokespeople for Douglaston and Wells Fargo did not immediately respond to requests for comment.
Ailanthus, Totem’s housing development affiliate, and BEB Capital are co-investors and co-developers on the AtlanticBK project alongside Douglaston. The residential property was built by Levine Builders — Douglaston’s affiliate construction manager — and will be managed by Clinton Management.
The 17-story apartment building between Franklin and Classon avenues — which began leasing in late 2025 — offers a mix of market-rate and affordable homes ranging from one- to three-bedroom layouts, as well as ground-floor retail and “curated lifestyle spaces,” Greystone said in a release.
AtlanticBK features more than 35,000 square feet of amenities, including a fitness center, coworking lounges with conference rooms, a screening room, a golf simulator and a roof deck.
Isabelle Durso can be reached at idurso@commercialobserver.com.