Eastern Consolidated’s Capital Advisory Division arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton Street in Downtown Brooklyn.
The financing package consisted of a $15 million first mortgage from Bank of the Ozarks, and $7 million of mezzanine debt from RCG Longview.
Slate Property Group and Meadow Partners are planning to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. The property was purchased from SCO Family of Services and included a 26,395-square-foot, three-story building with ground floor retail and offices on the upper floors that was delivered vacant.
Adam Hakim and Sam Zabala, managing directors in Eastern’s Capital Advisory Division, handled the transaction. Financial associate James Murad served as the analyst on the deal.
The property at 570 Fulton Street is adjacent to 1 Flatbush Avenue where Slate Property Group and Meadow Partners are building a 19-story, mixed-use residential rental.
Eastern’s Capital Advisory Division also provided $65 million in debt and equity to finance the 1 Flatbush Avenue project.
“It was a pleasure to work with Slate Property Group and Meadow Partners on financing another Downtown Brooklyn development,” said Hakim. “Brooklyn has become the preferred place for young people and families to live and developers like Slate and Meadow are helping meet this demand for housing.”