Slate and RiseBoro Secure $163M Construction Financing for Williamsburg Housing

• Slate Property Group and RiseBoro Community Partnership secured $162.9 million in construction financing for two affordable housing developments in Williamsburg, Brooklyn.
• The projects at 178 Montrose Ave. and 73 Meserole St. will create a combined 312 affordable apartments.
• Approximately 60% of the apartments will be reserved for formerly homeless New Yorkers.
• J.P. Morgan Chase originated the financing, which was arranged by the New York City Housing Development Corporation.
• Monthly rents are expected to range from $1,339 for a studio to $2,304 for a three-bedroom apartment.

What the $162.9 Million Loan Will Finance

Slate Property Group and RiseBoro Community Partnership have closed on a $162.9 million construction loan to develop two affordable housing projects in Williamsburg. The financing will support construction at 178 Montrose Ave. and nearby 73 Meserole St. Together, the developments will add 312 affordable apartments to one of Brooklyn’s most expensive residential neighborhoods. J.P. Morgan Chase originated the loan, while the New York City Housing Development Corporation arranged the financing. The individual loan amounts allocated to each property were not disclosed.

What Is Planned at the Two Williamsburg Sites

The development at 178 Montrose Ave. will include 163 affordable apartments. The nearby project at 73 Meserole St. will add another 149 units. Together, the properties will provide a range of apartment layouts, including studios and units with up to three bedrooms. Approximately 60% of the 312 apartments will be set aside for formerly homeless individuals. The developments will also provide on-site social services and administrative support for residents. Specific details regarding the buildings’ heights, number of stories, total square footage and construction schedules were not included in the announcement.

What Residents Will Pay in Rent

Monthly rents across the two developments are expected to range from $1,339 for a studio apartment to $2,304 for a three-bedroom residence. The projects will include indoor and outdoor recreation areas, fitness facilities and on-site laundry services. Additional information regarding apartment finishes and other resident amenities has not been announced.

What Slate Says About Building in Williamsburg

Slate and RiseBoro are bringing affordable housing to a neighborhood where rising housing costs have made it difficult for many working households to find accessible rental options.

“Solving New York’s housing crisis means building affordable homes in every neighborhood, including high-cost communities where this housing is most needed but rarely built,” Slate Property Group co-founder David Schwartz said.

“As one of the city’s most expensive neighborhoods, Williamsburg has been out of reach for far too many working families,” Schwartz added.

The two developments are intended to expand affordable housing opportunities while providing supportive services for residents transitioning out of homelessness.

What the Property Acquisition Included

Slate and RiseBoro acquired the Williamsburg properties from Two Trees Management for a combined price of $2. As part of the transaction, the development team agreed that Two Trees would retain the properties’ air rights. Additional information regarding the sites’ existing uses, lot sizes and development rights was not provided.

What the Development Team Brings to the Projects

Slate Property Group has developed affordable housing projects throughout New York City under the leadership of co-founders David Schwartz and Martin Nussbaum. The company is also involved in plans to deliver 450 affordable apartments as part of the proposed redevelopment near Citi Field in Queens. That larger project is being advanced with New York Mets owner Steve Cohen and Hard Rock International. RiseBoro Community Partnership brings experience in affordable housing development and resident services. Its role in the Williamsburg projects will help support the developments’ housing and social-service components. Construction start dates and anticipated completion timelines for 178 Montrose Ave. and 73 Meserole St. have not been announced.