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New York

K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project

Slate Property Group provided financing, continues lending spree

Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)
Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)

Nearly two years since developer K2 Real Estate Partners filed plans to build an eight-story residential project just east of Prospect Park, the firm has secured the money to start.

On Monday, the Queens-based developer closed on a $68.5 million construction loan from Scale Lending, an affiliate of Slate Property Group, to build 165 apartments at 210 Clarkson Avenue in Prospect-Lefferts Gardens.

The project will span 165,000 square feet and include a ground-floor retail space anchored by a grocery store. A Food Dynasty supermarket previously occupied the site; the most recent of its mostly bad Google reviews posted two years ago, and photos depict a graffiti-strewn eyesore with a single story above.

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For Scale, the financing continues its pandemic-era lending spree. In the past year and a half, the firm has closed on more than $1.25 billion in loans, most of it focused on the multifamily market.

The firm recently revitalized a residential building in Clinton Hill, Brooklyn, and backed others in Astoria, Queens, and Jersey City.

The multifamily sector has seen a snapback as renters have poured back into the city, gobbling inventory and driving up rents. Investment has followed: The dollar volume of investment sales more than tripled in the third quarter compared to the same time last year.

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ConstructionProspect Lefferts GardensSlate Property Group