News

One Flatbush Ave. in Downtown Brooklyn Receives $125M Loan

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
One Flatbush Ave. One Flatbush Ave. in downtown Brooklyn/ Hill West Architects rendering

NEW YORK CITY—A joint venture of Meadow Partners and Slate Property Group received a $125 million loan from Mack Real Estate Credit Strategies to refinance a mixed-use development at One Flatbush Ave. in Brooklyn. The project is near completion and comprises 183 multifamily rental units, 37 of which are affordable housing and 25,000 square feet of retail space. The retail assets are on the street level and the second floor.

As reported in The Real Deal, the financing will be used to pay off existing debt: $110 million in debt from 2015; an $80 million senior loan from Wells Fargo and a $30 million mezzanine loan from Winter Properties.

The 19-story development is located at the corner of Flatbush Avenue and Fulton Street in downtown Brooklyn. It is expected to receive a temporary certificate of occupancy this summer, with lease-up of the apartments and retail stores shortly thereafter.

Betsy Kim

Betsy Kim

Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

Recommended Stories

Silicon Valley Retail Space is Aging Out

Lisa Brown |

Market Park San Jose, the $2.5 billion 120-acre mixed-use development, is rapidly taking shape to fill the retail void and will be the largest transit-oriented development in Silicon Valley when completed.

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
  • Terms of Service
  • Privacy Policy - Updated

    • Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.