An affiliate of Mack Real Estate Credit Strategies (MRECS) provided a $125 million loan to refinance the nearly completed mixed-use development at 1 Flatbush Avenue in Brooklyn.
Developed by a joint venture of Meadow Partners and Slate Property Group, 1 Flatbush is a mixed-use project consisting of 183 multifamily rental units, including 37 affordable units, and approximately 25,000 square feet of retail space.
The property is located at the corner of Flatbush Avenue and Fulton Street in Downtown Brooklyn. Retail space is at grade and on the second floor, with visibility on both Fulton Street and Flatbush Avenue. Resident amenities at the property include a rooftop deck, bike storage, fitness center with yoga studio, and game room.
The 19-story development is expected to receive a TCO soon, with lease-up of the apartments and retail to follow.
1 Flatbush is located directly above the Nevins Street subway station with access to the 2, 3, 4, and 5 trains, across the street from the DeKalb Avenue station serviced by the B, F, N, Q, and R trains, and one block from the Hoyt-Schermerhorn station offering A, C and G train service.
This proximity to transportation options offers residents connectivity to Manhattan and other parts of Brooklyn, and the retail portion will benefit from plentiful foot traffic.
The site qualified for the now-defunct 25-year, 421(a) tax abatement and as such 20% of the units meet affordable housing guidelines.