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.