One Flatbush Ave. in Downtown Brooklyn Receives $125M Loan
The Meadow Partners and Slate Property mixed-use building is near completion.
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.