Sumitomo Mitsui Trust Bank Lends $143M on Billy Macklowe’s Park Slope Project
By Andrew Coen October 31, 2022 11:46 am
reprints
A joint venture between The William Macklowe Company and Senlac Ridge Partners has nabbed $142.9 million of construction financing to build a mixed-use development in Park Slope, Brooklyn.
Sumitomo Mitsui Trust Bank provided the loan for the JV’s planned project at 120 Fifth Avenue that formerly housed a Key Foods supermarket. The co-development team acquired the site for $59 million from Avery Hall Investments in 2020 in a deal that marked the first foray into the Brooklyn real estate market for Billy Macklowe, founder and CEO of The William Macklowe Company.
Cushman & Wakefield (CWK) arranged the transaction with a team led by Gideon Gil and Lauren Kaufman.
“The market continues to reward the highest quality projects and sponsors,” Gil said in a statement. “The ability to construct a sizable and highly amenitized mixed-use project in a prime Park Slope location is very rare, and we look forward to the successful completion of this trophy asset.”
Macklowe and Senlac Ridge plan two mixed-use buildings featuring 180 residential units, of which 25 percent will be designated as affordable. The project will also have 67,000 square feet of retail space, a parking garage and a fitness center. German retailer Lidl Supermarket and CVS Pharmacy recently signed long-term leases.
Officials at Sumitomo Mitsui Trust Bank and Senlac Ridge did not immediately return requests for comment. Macklowe declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
