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.
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Betsy Kim
Betsy Kim was 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.
