Park Slope Project Secures $142.9M in Construction Financing
Partners to construct mixed-use development in Park Slope, Brooklyn
Senlac Ridge Partners and The William Macklowe Company have secured $142.9 million in construction financing for a mixed-use development project located at 120 Fifth Avenue in Park Slope, Brooklyn. The loan was provided by Sumitomo Mitsui Trust Bank.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction.
Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. Upon completion, the project will feature two mixed-use buildings containing 180 residential units, 25 percent of which will be affordable, 67,000 square feet of retail space, a parking garage and a fitness center. Lidl Supermarket, a German retailer, and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer.
The property is located five blocks from Flatbush Avenue and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains.