Yoel Goldman’s All Year Management is closing in on a $652 million financing package from Citi Real Estate Group and Goldman Sachs that will largely be used to refinance the 900-unit apartment complex, known as Denizen Bushwick, according to DBRS Morningstar.
- Dig Deeper: All Year will use most of the proceeds of the loans to refinance $371.3 million of existing debt on its Brooklyn apartment and commercial portfolio, along with paying down $247.4 million in secured Tel Aviv Stock Exchange bonds, The Real Deal noted.
- Financing Details: The loan consists of a $510 million five-year mortgage loan with senior and junior positions, as well as a $160 million mezzanine loan. The average weighted interest rate of the loans is 4.98 percent, but the mezzanine interest rate is 9.1 percent. [TRD+Morningstar]