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Goldman Sachs closes on loan for $100M Brooklyn rental tower

Goldman Sachs has closed on a $57M loan for its acquisition of the 183-unit rental tower at 1 Flatbush Avenue from Meadow Partners and Slate Property Group.

Cushman & Wakefield served as the exclusive adviser in the procurement of the financing for brand new, Class A mixed-use property in Downtown Brooklyn. The fixed rate loan was provided by USAA Real Estate.

Goldman Sachs declined to comment on the deal, but TRD first reported the bank was in contract to buy the apartment condominium for about $100 million. The purchase doesn’t include a retail component that was also on offer when the property hit the market last year with a $150 million price tag.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus and Maya Steinberger represented the borrower in the financing, while Cushman & Wakefield Investment Sales specialists Adam Spies, Adam Doneger, Dan OBrien and Avery Silverstein represented the seller, Meadow Partners and Slate Property Group, in the sale of the multifamily condominium. 

“USAA Real Estate had conviction about the caliber of this new property and the institutional sponsorship. Their unwavering commitment during a difficult period in the capital markets ensured a timely execution for our Client,” said Gideon Gil. “USAA Real Estate provided a custom debt solution that was perfect for this acquisition.”

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