Cushman & Wakefield Arranges $57M Acquisition Financing for Brooklyn Multifamily
The fixed-rate loan was utilized in the sale of the 183-unit, residential condominium, sold by Meadow Partners and Slate Property Group.
NEW YORK CITY – Cushman & Wakefield has procured $57 million in acquisition financing for a multifamily condominium within a new, mixed-use property in Brooklyn. USAA Real Estate provided the fixed-rate loan.
Located at 1 Flatbush Ave., the class A mixed-use property’s residential building consists of 183 units throughout 19-stories. The rental units feature in-unit washers and dryers, stainless steel appliances and custom kitchen cabinets.
Developed in 2018, the property offers amenities including a state-of-the-art fitness center with a yoga studio, a resident lounge and a landscaped roof deck. The property additionally consists of a retail component.
Located in downtown Brooklyn, at the intersection of Flatbush Ave. and Fulton St., the property is situated near mass transit hubs, LIRR’s Atlantic Terminal and MTA subway lines.
The Cushman & Wakefield equity, debt and structured finance team of Gideon Gil, Alex Lapidus and Maya Steinberger represented the borrower in the financing. Cushman & Wakefield’s investment sales specialists, Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented the seller, Meadow Partners and Slate Property Group in the multifamily disposition.
“USAA Real Estate had conviction about the caliber of this new property and the institutional sponsorship. Their unwavering commitment during a difficult period in the capital markets ensured a timely execution for our client,” said Gil. “USAA Real Estate provided a custom debt solution that was perfect for this acquisition.”
