{"id":95091,"date":"2026-01-09T19:51:24","date_gmt":"2026-01-09T19:51:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/95091\/"},"modified":"2026-01-09T19:51:24","modified_gmt":"2026-01-09T19:51:24","slug":"wells-fargo-refis-new-brooklyn-apartment-building-with-250m-bridge-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/95091\/","title":{"rendered":"Wells Fargo Refis New Brooklyn Apartment Building With $250M Bridge Loan \u2013 Commercial Observer"},"content":{"rendered":"

Douglaston Development<\/a> has landed a $250 million bridge loan to refinance a newly completed luxury apartment building in Brooklyn\u2019s Bedford-Stuyvesant neighborhood, Commercial Observer has learned.<\/p>\n

Wells Fargo<\/a> supplied the bridge financing for AtlanticBK, Douglaston\u2019s 456-unit mixed-income residential development at 1057 Atlantic Avenue, according to broker Greystone Capital Advisors<\/a>.<\/p>\n

SEE ALSO: Apollo, CenterSquare Lend $106M for Hudson Valley Industrial Warehouse<\/a><\/p>\n

The transaction, which Greystone said will support lease-up and stabilization for AtlanticBK, replaced Wells Fargo\u2019s original $185 million construction loan<\/a> for the project.<\/p>\n

\u201cThis refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,\u201d Drew Fletcher, president of Greystone, said in a statement. \u201cThe restructured financing provides added flexibility, lowers the cost of capital, and positions the property for a smooth path to stabilization as leasing accelerates.\u201d<\/p>\n

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.<\/p>\n

Ailanthus<\/a>, Totem\u2019s housing development affiliate, and BEB Capital<\/a> are co-investors and co-developers on the AtlanticBK project alongside Douglaston. The residential property was built by Levine Builders<\/a> \u2014 Douglaston\u2019s affiliate construction manager \u2014 and will be managed by Clinton Management<\/a>.<\/p>\n

The 17-story apartment building between Franklin and Classon avenues \u2014 which began leasing in late 2025 \u2014 offers a mix of market-rate and affordable homes ranging from one- to three-bedroom layouts, as well as ground-floor retail and \u201ccurated lifestyle spaces,\u201d Greystone said in a release.<\/p>\n

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.<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Douglaston Development has landed a $250 million bridge loan to refinance a newly completed luxury apartment building in…\n","protected":false},"author":2,"featured_media":95092,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[44464,98,100,99,44465,3624,44466,1603,9,24,63,44467,44463],"class_list":{"0":"post-95091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brooklyn","8":"tag-atlanticbk","9":"tag-brooklyn","10":"tag-brooklyn-headlines","11":"tag-brooklyn-news","12":"tag-bryan-grover","13":"tag-channel","14":"tag-drew-fletcher","15":"tag-finance","16":"tag-new-york","17":"tag-new-york-city","18":"tag-nyc","19":"tag-paul-fried","20":"tag-refinance-1057-atlantic-avenue"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/95091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=95091"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/95091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/95092"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=95091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=95091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=95091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}