Valley National Bank Refis Brooklyn Apartments Project With $36M Loan

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A joint venture between Be-Aviv and Slate Property Group has sealed a $36.4 million debt package to refinance a multifamily project in the East Williamsburg section of Brooklyn, Commercial Observer can first report. 

Valley National Bank provided the loan for the sponsorship’s 116-unit development at 222 Johnson Avenue. Proceeds from the financing will pay off a construction loan Valley previously supplied for the project.

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“Both Be-Aviv and Slate Property Group are longtime clients,” Chris Coiley, Valley National Bank’s head of commercial real estate for the New York and New Jersey markets, said in a statement. “We were glad to be able to assist them in the development and financing of this successful project along with bringing solid rental options in the East Williamsburg market.”

The seven-story building features 35 apartments designated as affordable housing. Property amenities include a business center and fitness center, as well as a rooftop area with barbecue grills, hammocks and cornhole. 

“Now fully leased, 222 Johnson has proved itself a complementary addition to the thriving East Williamsburg neighborhood,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in statement. “This is a market we strongly believe in, further evidenced by our ground-up development project 159 Boerum Street where we recently broke ground around the corner. We plan to continue to bring beautifully-crafted residential housing to this underserved market.”

Officials at Be-Aviv did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com