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Deals & Dealmakers

Slate Property Group Closes Construction Loan for Mixed-Use Project, Bringing 215 100-Percent Affordable Homes to Brownsville, Brooklyn 

Slate Property Group, an owner, operator and developer of residential and commercial real estate in the New York metropolitan area, and leading non-profit developer and service provider RiseBoro Community Partnership announced the closing of a construction loan for 326 Rockaway Ave., a 185,000-square-foot development in Brooklyn that will bring quality affordable and supportive housing, community space, and economic opportunity to Brooklyn.

“Slate is proud to continue its work with the Brownsville community and trusted partners like RiseBoro to build the safe, affordable homes that New Yorkers deserve,” said John Valladares, Managing Director at Slate Property Group. “Today’s milestone is another step towards addressing the housing crisis that too many Brooklynites have experienced and ensures that more residents will soon have access to much-needed supportive services and community resources.”

“High-quality, affordable housing that combines supportive services and responds to the needs of New Yorkers is a cornerstone of RiseBoro’s work,” said Scott Short, CEO of RiseBoro Community Partnership. “In our continued efforts to link residents to the housing, social and medical services that help them live healthy and independent lives, we are grateful for partners like Slate who share our vision for a more vibrant Brooklyn.”

“326 Rockaway will create much-needed affordable and supportive housing in the Brownsville neighborhood of Brooklyn,” said Yarojin Robinson, Managing Director in the Urban Investment Group within Goldman Sachs Asset Management. “At a time when the availability of affordable housing in New York City is insufficient to meet the need, we are excited to partner with Slate, RiseBoro, and the City to help deliver new, quality housing to address this critical issue.”

Of the 215 new affordable homes at 326 Rockaway Ave., 60 percent of the units are dedicated to supportive housing for young adults and young adult families. The remaining 40 percent is reserved for families earning below 60 percent of the Area Median Income (AMI). Supportive housing services provided by RiseBoro’s expert staff will include, but not be limited to, person-centered case management and service planning, counseling and crisis intervention, life skills and needs assessments, support for families’ referrals for employment and education opportunities, and opportunities for community engagement/leadership. Additionally, staff will provide mentoring and empowerment services in collaboration with RiseBoro’s Education program. 

The supportive housing program is funded through the NYC 15/15 Program, a New York City-funded rental assistance program that assists eligible families or individuals that are homeless or at risk of homelessness by providing an affordable apartment and supportive services to help them move toward the goal of long-term stability. This project marks the first ground-up development partnership between Slate and RiseBoro.

Situated within a 10-minute walk from the L, A, C, J, and Z subway lines, as well as the Long Island Rail Road, 326 Rockaway Ave., will offer amenities including a recreation room, a kids playroom, classroom space, bicycle storage, yoga studio, and two outdoor recreation spaces. Residents will also have access to 24-hour security and maintenance staff, on-site social services, and a large laundry room. The new development will also offer 1,600 square feet of ground-floor retail, offering more opportunity for economic growth in the neighborhood.

Sustainability and resilience are also priorities for the design of 326 Rockaway Ave, which will be 100 percent electric and will incorporate rooftop solar equipment. The building will meet Enterprise Green Communities and Passive House standards, ensuring a rigorous level of energy efficiency while also creating comfortable indoor living spaces for residents and guests.

The project was financed through a combination of Low-Income Housing Tax Credits, tax-exempt bonds, and subsidies with support from the New York City Housing Development Corporation, the New York City Department of Housing Preservation and Development, and Goldman Sachs Asset Management. The new homes at 326 Rockaway Ave. are also made possible through an acquisition loan from the Corporation for Supportive Housing, which was repaid at the closing of the construction loan.

Slate Property Group is one of the most active real estate firms in New York City, with years of expertise in affordable housing development. Most recently, in October 2022, Slate opened a 100 percent affordable housing project with 119 affordable housing units at 913 East Tremont Avenue in the West Farms neighborhood of The Bronx in partnership with Westhab Inc. and Camber Property Group.

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