Adam America, Slate land $71M refi for East Williamsburg rentals

Deutsche Bank is the lender at 120 Union

New York /
Aug.August 27, 2018 05:45 PM

From left: Adi Chugh, Slate Property Group’s David Schwartz, Adam America’s Dvir Cohen Hoshen, and a rendering of 120 Union Avenue in Brooklyn (Credit: LinkedIn and Aufgang Architects)

Adam America Real Estate and Slate Property Group refinanced their East Williamsburg rental building 120 Union Avenue with a $71 million mortgage from Deutsche Bank, according to sources familiar with the deal.

Adi Chugh’s Maverick Commercial Properties brokered the deal. Chugh and Deutsche Bank declined to comment. Adam America confirmed the deal. In a statement, Slate’s David Schwartz said the neighborhood is “ready to take off because of its location and easy access to multiple subway lines.”

The two companies and their partner, Naveh Schuster Limited, bought the development site at the corner of Middleton Street for $15.5 million in September 2014 and built a 130-unit, 7-story rental property.

The new mortgage replaces a $38.7 million construction loan from Santander Bank, property records show.

In January, Adam America, Slate and partner China Vanke landed a $104 million construction loan for their Downtown Brooklyn condo tower 10 Nevins Street.


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
Stephen Ross and 50 Hudson Yards (Getty Images, Hudson Yards New York)
Related lands $349M for 50 Hudson Yards
Related lands $349M for 50 Hudson Yards
Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
Sutton faces foreclosure on Times Square American Eagle
Sutton faces foreclosure on Times Square American Eagle
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Cohen Brothers Realty’s Charles Cohen and 750 Lexington Avenue (Getty Images, Cohen Brothers Realty, Council on Tall Buildings and Urban Habitat)
Cohen Brothers’ Midtown tower back in special servicing
Cohen Brothers’ Midtown tower back in special servicing
ASG's Steve Reardon, DoorLoop's Ori Tamuz and David Bitton (ASG, DoorLoop)
Property management startup DoorLoop raises $20M
Property management startup DoorLoop raises $20M
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
arrow_forward_ios

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

Loading...