Eastern Consolidated's Capital Advisory Team Arranges $22 Million in Financing for Acquisition of Downtown Brooklyn Development Site
NEW YORK, NY — November 9, 2015 — Eastern Consolidated’s Capital Advisory Division arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton Street in Downtown Brooklyn. The financing package consisted of a $15 million first mortgage from Bank of the Ozarks, and $7 million of mezzanine debt from RCG Longview.
Slate Property Group and Meadow Partners are planning to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. The property was purchased from SCO Family of Services and included a 26,395-square-foot, three-story building with ground floor retail and offices on the upper floors that was delivered vacant.
Adam Hakim and Sam Zabala, Managing Directors in Eastern’s Capital Advisory Division, handled the transaction. Financial Associate James Murad served as the analyst on the deal.
The property at 570 Fulton Street is adjacent to 1 Flatbush Avenue where Slate Property Group and Meadow Partners are building a 19-story, mixed-use residential rental. Eastern’s Capital Advisory Division also provided $65 million in debt and equity to finance the 1 Flatbush Avenue project.
“It was a pleasure to work with Slate Property Group and Meadow Partners on financing another Downtown Brooklyn development,” said Hakim. “Brooklyn has become the preferred place for young people and families to live and developers like Slate and Meadow are helping meet this demand for housing.”
The development is steps from the Nevins Street station, where the 2, 3, 4, and 5 train lines converge, and is a short walk from the transportation hubs at Atlantic Terminal and DeKalb Avenue. Together these stations handle an average of 71,000 subway riders each day, while 50,000 cars per day travel on Flatbush Avenue.
Complementing Eastern’s thriving Investment Sales Division, the Capital Advisory team arranges the origination of commercial real estate debt and equity for all property types.
Founded in 1981, New York City-based Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms, offering services in three core divisions — Investment Sales, Capital Advisory, and Retail Leasing — that generate up to $4 billion in annual sales. Powered by a highly skilled team of over 75 brokers with a fluency in 15 languages, Eastern serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types throughout the city’s five boroughs. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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