Natixis Lends $60M for Park Slope Apartments at 237 11th Street
By Andrew Coen June 17, 2021 9:43 am
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Trinity Place Holdings has secured a $60 million debt package to refinance a multifamily property in Brooklyn’s Park Slope neighborhood, Commercial Observer can first report.
Natixis supplied the 24-month, full-term interest loan featuring three 12-month extension options for 237 11th Street. Meridian Capital Group Senior Managing Director Drew Anderman, Senior Vice President David Bollag and Director Alan Blank negotiated the transaction out of the company’s Manhattan headquarters.
“We were able to achieve a favorable rate on a partially leased building during the tail end of COVID,” Anderman said in a statement. “This loan provided the borrower with prepay flexibility as the property stabilizes.”
Officials for Trinity Place did not immediately respond to requests for comment on the deal.
The 12-story, 237 11th Street includes 105 newly renovated apartments and ground-floor retail space occupied by Starbucks and an oral surgeon’s office. The building’s amenities include a residential courtyard, roof deck, an exercise facility, a package center and a parking garage.
“We are very excited to have the opportunity to finance a multifamily asset of this quality in one of the best submarkets in Brooklyn,” David Schwartz, managing director and head of Los Angeles representatives office at Natixis, said in a statement. “New York City has shown great resiliency to the pandemic and 237 11th is a prime example.”
