Axos Lends $40M in Central Brooklyn Resi Refi
By Matt Grossman March 20, 2019 12:20 pm
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Abe Leser’s Mapleton Group has upped the debt on its set of new Brooklyn residential buildings with a $40 million refinancing, according to city property records.
The debt, from San Diego-headquartered Axos Bank, expands a previous financing package from the same lender that gave Mapleton $30 million in leverage on the property last year. Construction applications for the project, at 1560 60th Street on the border of Bensonhurst and Borough Park, were filed in 2014, and construction is wrapping up this month, according to CoStar (CSGP) Group data.
Mapleton had acquired the land for the development for $17.5 million in 2013, with a loan from W Financial, a real estate lender based on Long Island. As construction progressed, debt on the building transferred to Axos’ predecessor institution, Bank of Internet, early last year. The lender changed its name to Axos in September 2018.
The site consists of 13 separate structures with a total of 128 units, and is geared toward housing members of the neighborhood’s Hasidic community, according to New York Yimby. Its 230,000 square feet of residential space lend the apartments generous dimensions: nearly 1,800 square feet each, on average. Architect John Schimenti was behind the site’s plans.
Mapleton’s decision to build 13 separate buildings allowed the firm to skirt zoning requirements that offsite parking accompany large residential projects.
Driven by a thriving Hasidic population, Borough Park has turned in some of the highest population growth rates of any New York City neighborhood in the 21st century. Between 2000 and 2010—the two most recent census years—the population nearly doubled, to 140,000 from 76,000.
Representatives for Mapleton and Axos didn’t immediately respond to inquiries.
