M&T Bank Refis Brooklyn Resi Tower With $415M Loan
By Andrew Coen April 1, 2024 5:16 pm
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The Brodsky Organization and Greenland USA have secured a $415 million loan to refinance their residential tower adjacent to the Barclays Center in Brooklyn.
M&T Bank (MTB) supplied the 10-year, Freddie Mac-backed fixed-rate loan on the multifamily portion of the developer’s 51-story Brooklyn Crossing project at 18 Sixth Avenue in Prospect Heights. The 2-year-old buiding also includes retail space, with gym chain Life Time signing a 20-year lease for 36,470 square feet early last year.
The Real Deal was first to report the loan, citing public documents.
“With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” Michael Edelman, newly appointed CEO of M&T Realty Capital, said in a statement. “Freddie Mac provided a very attractive 10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied Brooklyn with.”
The Brooklyn Crossing development took shape when the Brodsky Organization entered into a joint venture with Greenland Forest City Partners in 2019 to spearhead the project. The residential aspect set aside 268 of the 858 units as affordable housing.
Officials at the Brodsky Organization and Greenland USA did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
