MF1 Supplies $64M Construction Takeout Loan for Fort Greene Apartments
By Andrew Coen April 1, 2026 3:18 pm
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Borough Developers has nabbed $64 million of construction takeout financing for a newly completed Brooklyn multifamily development, Commercial Observer has learned.
MF1 Capital provided the bridge loan for Borough Developers’ 99-unit the Elliot apartments in Fort Greene that opened last year.
Landstone Capital Group arranged the transaction with a team led by Leah Paskus and Shlomy Wertzberger.
Located at 151 South Elliott Place, steps from Long Island Rail Road’s Atlantic Terminal station, the property received a tax incentive under the 485x program since a portion of the units were designated as affordable for those earning 60 to 80 percent of the area median income. Community amenities include a fitness center, a yoga studio, a sauna, coworking space and a film room.
“The property is in a really strong submarket with really great access to Atlantic Terminal and Barclays Center,” said Michael Squires, co-head of production at MF1, who originated the loan. “It’s in one of the borough’s most desirable and well connected neighborhoods with easy access to Manhattan.”
Borough Developers did not respond to a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
