Slate Property secures $60m for mixed-use project in Brooklyn

Slate Property Group secured a $60m loan for the recapitalization of a mixed-use project in Brooklyn. Located in the New York City borough’s Clinton Hill neighborhood, the scheme will feature 116 apartment units, with 40 parking spaces and 16,943 sq ft of street-level retail space. The retail portion has already been pre-leased to Key Food and Starbucks. NKF Capital Markets sourced the funds from JP Morgan Asset Management. The project is slated for completion in this fall. The property’s “comprehensive, modern amenity package, as well as excellent transit access enabled lenders to underwrite an accelerated lease-up program,” said Dustin Stolly of NKF Capital Markets. “This maximized loan proceeds before completion and facilitated the swift launch of this project.”