White Oak Supplies $55M Construction Loan on Brooklyn Apartments Project
A joint venture between Slate Property Group and Avenue Realty Capital has sealed $55 million of construction financing to build a Brooklyn multifamily development, Commercial Observer can first report.
White Oak Real Estate Capital provided the loan for the JV’s planned 161-unit project in East Williamsburg called 159 Boerum. The 80,000 square-foot building will include 19 affordable housing units and be one of the last delivered under New York State’s recently expired 421a program.
“After successfully delivering our first ground-up rental project, 222 Johnson Street, around the corner, which is now fully leased, we’re excited to expand our footprint in this prime area of New York City,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in a statement. “Receiving financing from White Oak Real Estate Capital will allow us to bring 159 Boerum to life alongside our partner, Avenue Realty Capital.”
Newmark (NMRK) arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Daniel Morin.
Located at 159 Boerum Street, the building will comprise 19 stories of residential space and parking spaces for tenants. The property’s amenities will include a fitness center, outdoor space, and doorman and concierge service.
“We are proud to have been able to close this financing for Slate and Avenue in a challenging capital markets environment,” Eric Tanjeloff,
managing principal at White Oak Real Estate Capital, said in a statement. “The two firms have a strong history together of successful projects in New York City and we share their conviction in the strength and resiliency of the multifamily sector in Brooklyn.”
Andrew Coen can be reached at email@example.com.