Richard Mackʼs Mack Real Estate Credit Strategies funded a $127 million construction loan for Sugar Hill Capital Partners redevelopment of One Prospect Park West in Brooklyn.
Meridian Capital Group arranged the financing for the multifamily project. One Prospect Park West is a nine-story mixed-use building located on the northwest corner of Prospect Park. Previously a senior living facility, the pre-war building — the largest structure on Prospect Park West — was acquired vacant in October 2016 with intent to redevelop the site into a luxury residential building.
The loan was negotiated by Meridian senior managing director Ronnie Levine, vice president Shamir Seidman and vice president Ben Jacobs, who are all based in the company’s New York City headquarters.
“Meridian previously arranged the acquisition financing for One Prospect Park West and is proud to again have represented Sugar Hill Capital Partners in negotiating financing for this transformative project,” said Levine.
Kasowitz represented Sugar Hill Capital Partners in securing the $97 million construction loan and $30,000,000 mezzanine loan. The Kasowitz team was led by Douglas Heitner and included David Szeker, Jessica Wald and Christy Mazzola. The team also represented Sugar Hill on the original acquisition.
