SCALE Lending has completed a $68.5 million construction loan to finance the ground up construction of 210 Clarkson Street in Prospect Lefferts Gardens, Brooklyn.
The 165,000-gross-square-foot development will rise eight stories and contain 165 residential units and ground floor retail, which will be leased to a grocery store.
This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, with more than $1.25 billion lent over the last 18 months.
“This project is an example of SCALE’s continued ability to identify financing solutions for our borrowers by using our intimate market and construction knowledge. We were also able to close quickly, which allowed the developer to immediately start the construction and maintain their eligibility for the Affordable New York program, which is set to expire in June of 2022,” said Martin Nussbaum, Co-Founder and Principal of Slate Property. “We are proud to have collaborated with K2 Real Estate Partners on this project and are excited for them to develop a successful project.”
Located in Prospect Lefferts Gardens, Brooklyn, 210 Clarkson Street is an exciting neighborhood blocks away from Prospect Park and is within walking distance to numerous subway lines. The developer is K2 Real Estate Partners, and the general contractor will be New York Developers & Management, one of the most active general contractors in Brooklyn. The financing was arranged by Meridian Capital Group.