Greystone Capital Advisors arranges $250 million bridge financing for 456-unit AtlanticBK

Brooklyn, NY Greystone arranged $250 million in bridge financing for AtlanticBK, a newly delivered 456-unit mixed-income residential development. Greystone Capital Advisors, led by Drew Fletcher, Paul Fried and Bryan Grover, served as exclusive advisors on the transaction.

AtlanticBK is a luxury rental community offering a blend of modern design, amenities, and connectivity. The 17-story, transit-oriented building features residences, lifestyle spaces, and ground-floor retail, creating a living experience rooted in convenience and comfort. With a mix of market-rate and affordable homes, AtlanticBK sets a new standard for contemporary urban living.

The project was developed by Douglaston Development based in New York City. Ailanthus, Totem’s housing development affiliate, and BEB Capital, have co-invested alongside Douglaston and are co-developers on the project. Atlantic BK was built by Douglaston’s affiliate construction manager, Levine Builders and will be managed by its affiliated property management firm, Clinton Management. The transaction replaced Wells Fargo’s original $185 million construction loan with a new Wells Fargo originated $250 million bridge loan to support lease-up and stabilization.

“This refinancing marks an important step for AtlanticBK as Douglaston Development transitions the project into lease-up,” said Drew Fletcher, president 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.”

AtlanticBK offers apartments ranging from one to three bedroom layouts. The building’s amenity package spans over 35,000 s/f, and includes a fitness center, coworking lounges with conference rooms, a two-story great room, screening room, golf simulator, panoramic landscaped roof deck, and a 24-hour doorman.