The Real Deal New York

Adam America locks in refi of Crown Heights luxury building

Deutsche Bank is the lender, again
By Mary Diduch | January 28, 2019 04:30PM

Adam America’s Omri Sachs and a rendering of  409 Eastern Parkway in Crown Heights

Adam America Real Estate Group has scored another loan from Deutsche Bank, this time for a 186-unit luxury project in Crown Heights.

The developer landed $105 million to refinance its 11-story mixed-use development at 409 Eastern Parkway, on the corner of Bedford Avenue.

The new financing, which was brokered by JLL’s Aaron Appel and Keith Kurland, includes a nearly $41 million gap mortgage and replaces debt from Santander Bank, according to public records from the city’s Department of Finance made public Monday.

Adam America did not immediately return a request for comment. Deutsche Bank declined to comment.

This latest financing deal is not the only recent transaction between Deutsche Bank and Adam America.

The bank in August loaned $71 million to Adam America and Slate Property Group to refinance an East Williamsburg rental building at 120 Union Avenue.

The project at 409 East Parkway has three commercial condominiums in the property’s lower levels. Meanwhile, 35 of its residential rentals will be affordable.

Elsewhere in Brooklyn, Adam America, Slate Property Group and China Vanke’s U.S. arm secured a $104 million construction loan for their 27-story condo in Downtown Brooklyn from Bank OZK and iStar Financial.

That new 183-unit development at 10 Nevins Street is just one of a slew of residential projects underway that will cause Brooklyn’s resi supply to grow over the next few years. It’s anticipated the borough will see some 35,400 units come online through 2021.