JP Morgan Chase Lends $60M to Refinance Brooklyn Construction Loan
Slate Property Group has sealed a $60 million J.P. Morgan Chase mortgage to refinance the debt on a soon-to-be-completed residential building in Brooklyn, Commercial Observer can exclusively report.
The floating-rate debt, which was brokered by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF Capital Markets, refinances the building’s original construction loan. That financing came from Bank OZK (OZK), the institution that was known as Bank of the Ozarks until a rebranding earlier this year.
Slate Property Group will wrap up construction on the rental project, at 325 Lafayette Avenue in Brooklyn’s Clinton Hill section, sometime in the fall: the buildout is complete, and contractors are now at work on its interiors, Fromm said.
Under the Affordable New York tax incentive program, a portion of the eight-story building 116 apartments will be set aside for residents who earn little compared with New York City’s median income. Amenities for renters will include a rooftop deck and a gym. Starbucks and Key Food, a supermarket, have pre-leased the project’s 16,943 square feet of ground-floor retail space.
Fromm said those retailers’ eagerness to lease at the property speaks to a wave of development set to transform Clinton Hill
The building is “the next logical step for [all the building activity] coming off of Myrtle [Avenue],” Fromm said.
Representatives for Slate and for J.P. Morgan did not immediately respond to inquiries.