Slate Property Group and Adam America Real Estate pulled off a $40.9 million construction loan from Santander Bank for their 130-unit Park Slope rental project at 541 Fourth Avenue.
The partners bought the site for $26.5 million, or about $200 per buildable square foot, in June. The property’s sellers, Anshel Friedman and Aaron Karpen, had already won Department of Buildings approval for a plan to raze the existing townhouses and develop a 12-story rental building, meaning the project still qualifies for the 421a tax abatement.
Santander Bank is also financing another nearby Slate project, at 535 Fourth Avenue, with a $42 million loan that closed in April.
Slate and Adam America are among Brooklyn’s most active residential developers. One of the pair’s recent acquisitions, the Rivington House, made headlines after the city and the state began investigating seller Allure Group for allegedly misleading the city over the lifting of a deed restriction.