The Real Deal New York

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
August 07, 2018 12:30PM

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