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.
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