Slate, Meadow Partners land $125M refi of 183-unit rental in Downtown Brooklyn

Mack Real Estate Credit Strategies provided the loan on 1 Flatbush, which is nearly complete

New York /
Aug.August 07, 2018 12:30 PM

1 Flatbush Avenue in Brooklyn (Credit: CityRealty)

Mack Real Estate Credit Strategies has provided 1 Flatbush Avenue with a $125 million refinancing.

The new loan on Meadow Partners and Slate Property Group’s 19-story residential project closed last week,  according to Commercial Observer. It replaces about $110 million in prior debt on the property, which was split between an $80 million senior loan from Wells Fargo and a $30 million mezzanine loan from Winter Properties.

The development is nearing completion and will span 170,000 square feet with 183 rental units and 25,000 square feet of retail space. Amenities will include a yoga studio and a roof deck.

Slate and Meadow bought the property for $59 million[CO] – Eddie Small


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
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
Office landlords offer no-wait Covid tests to lure workers back
Office landlords offer no-wait Covid tests to lure workers back
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
arrow_forward_ios

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

Loading...