search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonMusklandia: Tesla divorces gigafactory land from city of AustinMusklandia: Tesla divorces gigafactory land from city of Austin“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law
Commercial
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

1 Flatbush Avenue in Brooklyn (Credit: CityRealty)
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.

Sign Up for the undefined Newsletter

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

Tags
Commercial Real EstateMeadow PartnersReal Estate FinanceSlate Property Group