Billy Macklowe has plans and tenants in place for his Park Slope project. Now, he has construction financing, too.
The William Macklowe Company and Senlac Ridge Partners landed a $143 million loan for the development at 120 Fifth Avenue in Brooklyn, the New York Business Journal reported. Sumitomo Mitsui Trust Bank provided the financing.
Cushman & Wakefield’s Gideon Gil and Lauren Kaufman represented the two borrowers.
The loan is the latest sign of progress for Macklowe’s first Brooklyn development. In August, the owners inked CVS Pharmacy to a long-term lease at the site, where it will occupy more than 10,000 square feet on the ground floor. Discount grocer Lidl is the anchor tenant of the other of two buildings being built side-by-side.
Lidl’s lease reportedly adheres to guidelines negotiated with the community following concerns over the previous owner’s desire to displace an affordable grocery store.
Macklowe and Senlac Ridge, a private equity firm formed by David Welsh, bought the development site weeks into lockdown for $59 million. Avery Hall Investments sold the property, which was home to a Key Food grocery store.
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Avery Hall previously picked up the property in 2017 from PickQuick Foods for $45.7 million.
Macklowe’s two buildings will include 180 residential units, 25 percent of which will be affordable. The development will also include 67,000 square feet of retail space, a parking garage, a fitness center and shared outdoor space.
The development site is bound by Gregory Place, Baltic Street and Fifth Avenue. It’s believed to be the biggest development site in Park Slope.
Elsewhere on the Park Slope multifamily front, HUBB NYC recently acquired a 13-story, 63-unit residential and retail building at 223-225 4th Avenue from Greystone Development for $40 million. The deal continued a spending spree by the residential firm, which has been snapping up 421a-eligible properties across the city.
— Holden Walter-Warner