The Brodsky Organization landed a $415 million refinancing for the residential portion of its Prospect Heights project.
M&T Bank provided the loan for the developer’s 51-story residential tower at 18 Sixth Avenue, on the corner of Atlantic Avenue and adjacent to the Barclays Center, public documents show.
A spokesperson for the developer didn’t immediately respond to a request for comment.
Freddie Mac provided a “10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied,” according to a press release from M&T.
Completed in November 2022, the 740,000-square-foot building was home to Brooklyn’s largest retail lease of 2023. Gym chain Life Time signed a lease at the beginning of the year for 36,000 square feet, comprising the first three floors of the tower.
Brodsky entered into a joint venture with Greenland Forest City Partners in 2019 to develop the property.
The residential component has 858 rental units, including 258 dedicated to affordable housing, and is the tallest piece of the developers’ unfinished Pacific Park complex. Leasing at the tower launched in January 2022.
The 22-acre development is projected to deliver 6,430 apartments, including 2,250 designated as affordable, across 15 buildings, along with office and retail space and an eight-acre public plaza.
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Dan Brodsky, a development giant and head of his eponymous firm, has his eyes on another project in the city: In October he bought a stake in the Flatiron Building, seeking to work with the owners to convert the iconic property.
The conversion of the 120-year-old building will likely deliver condos, not rentals, but plans are pending approval by the Landmark Preservation Commission and are not yet entirely clear.
Rich Bockmann contributed reporting.