The Real Deal New York

Anderson Associates nabs $67M loan for PLG rental buildings

Buildings at 33-31 Lincoln Road and 510 Flatbush Avenue contain 141 residential units
By Eddie Small | October 20, 2017 03:30PM

33 Lincoln Road/510 Flatbush Avenue (Credit: 33 Lincoln Road)

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.