NKF Capital Markets arranged a $60 million loan on behalf of Slate Property Group, secured through JP Morgan Asset Management, for the recapitalization of 325 Lafayette Avenue in Brooklyn, NY.
The team was led by NKF Capital Markets’ Vice Chairmen and Co-Heads, Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub, along with Senior Managing Director Daniel Fromm.
The financing will be used for the recapitalization of the Class-A luxury apartment development expected for substantial completion in the Fall 2018.
Located in the Clinton Hill neighborhood of Brooklyn, the eight-story property will comprise 116 apartment units, with 40 available parking spaces and 16,943 square feet of street level retail space pre-leased to Key Food and Starbucks.
325 Lafayette Avenue (pictured top) will offer condo-quality finishes and an amenity package featuring a rooftop fitness center and resident’s media and gaming lounge.
“325 Lafayette’s comprehensive, modern amenity package, as well as excellent transit access enabled lenders to underwrite an accelerated lease-up program,” said Stolly. “This maximized loan proceeds before completion and facilitated the swift launch of this project.”
“The pre-leased commitment of Key Food and Starbucks further speaks to the premier location in the heart of the neighborhood.”