Dwight Mortgage Trust Loans $75M to Refinance East Flatbush Multifamily
Developer K2 Real Estate Partners plans to pay off a $68.2M construction loan on the recently completed property
By Brian Pascus February 12, 2024 1:25 pm
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K2 Real Estate Partners has secured a $75.2 million loan to refinance a recently completed 165-unit multifamily complex in East Flatbush, Brooklyn. The refinancing was first reported by PincusCo.
Dwight Mortgage Trust, an arm of Dwight Capital, a New York-based lender, provided the loan. The refinancing will serve as a takeout loan to pay off $68.2 million in construction financing that K2 Real Estate Partners secured from the project’s previous lender, SCALE Lending, a subsidiary and lending arm of Slate Property Group.
Located at 210 Clarkson Avenue, at the corner of Clarkson and Rogers avenues in East Flatbush, the apartment complex is eight stories and opened for leasing in August 2023. Amenities within the building include a rooftop terrace, on-site laundry, a fitness center, outdoor entertainment space, a dog spa, and a resident lounge. Monthly rents range from $3,050 for studios to $5,199 for three-bedrooms, according to StreetEasy.com
The complex features four ground-floor retail spaces and 88 spaces for on-site parking. The building is near the 2 and 5 subway lines, and is two blocks from Kings County Hospital.
K2 Real Estate Partners and Dwight Capital did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
