Anderson Associates nabs $67M loan for PLG rental buildings

Buildings at 33-31 Lincoln Road and 510 Flatbush Avenue contain 141 residential units

New York /
Oct.October 20, 2017 03:30 PM

Developers Aleksander Goldin and Thomas Anderson of Anderson Associates have secured a $67 million loan for a pair of residential buildings in Prospect-Lefferts Gardens.

Apollo Commercial Real Estate Finance provided the loan, which consolidates a new mortgage of $29 million with previous debt on the properties. In April, Apollo loaned RedSky Capital $127 million to refinance its development site in Downtown Brooklyn on Fulton Street.

The money is for a pair of Anderson buildings at 33-31 Lincoln Road, which has 90 units, and 510 Flatbush Avenue, which has 51 units. Both buildings contain 70 percent market rate housing and 30 percent affordable housing.

The Flatbush Avenue building is leased up apart from the affordable units, and although construction on the Lincoln Road building is finished, Anderson Associates does not have a certificate of occupancy yet.

Anderson described the money from Apollo as “a bridge to get us from our construction financing to a permanent loan.”

Anderson and Goldin also recently sold a 63-unit property at 2255 Bedford Avenue in Flatbush for $11 million to Staten Island-based investor Vincent Ragosta.

In February, a Prospect-Lefferts Garden brownstone at 68 Rutland Road set a price record for the neighborhood by selling for $2.63 million.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Clockwise from left: Vornado's Steven Roth with 61-19 Junction Boulevard, Rego Park, Silverstein Properties' Larry Silverstein with 44-01 Northern Boulevard in Astoria and BEB Capital's Bert Brodsky with 1065 Atlantic Avenue in Bedford–Stuyvesant (Images via Google Maps, Getty Images, BEB Capital)
Vornado, Silverstein propose major mixed-use projects
Vornado, Silverstein propose major mixed-use projects
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...