Mack Provides $127M Construction Loan for One Prospect Park West

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Meridian Capital Group has arranged $127 million in construction financing for the redevelopment of Sugar Hill Capital Partners One Prospect Park West, Commercial Observer can first report.

SEE ALSO: Mack Provides $65M Bridge Loan for Astoria Waterfront Site Acquisition

The loan was provided by Mack Real Estate Credit Strategies. The transaction closed this afternoon, sources told CO.

One Prospect Park West is a nine-story, 169,000-square-foot mixed-use property located on the northwest corner of Prospect Park in Brooklyn.

Sugar Hill purchased the former senior assisted-living facility property in Oct. 2016—paying $84 million, property records show—and will shortly convert it to a luxury apartment building.

The property, formerly known as Prospect Park Residence and owned by Haysha Deitsch, was reportedly in a state of disrepair at the time of acquisition. Sugar Hill’s intention is to restore the pre-war building—erected in 1931—to its former grandeur.

Meridian’s Ronnie Levine, Shamir Seidman and Ben Jacobs negotiated the debt. The brokerage also arranged the acquisition financing in 2016, provided by LoanCore Capital.

“Meridian previously arranged the acquisition financing for One Prospect Park West and is proud to again have represented Sugar Hill Capital Partners in negotiating financing for this transformative project” Levine said in prepared remarks.

Officials at Mack Real Estate Credit Strategies declined to comment. Officials at Sugar Hill could not immediately be reached for comment.