Slate Property Group And RiseBoro Community Partnership Secure $162.9M Loan For Affordable Housing In Brooklyn

The transaction involves a multi-family asset located at 178 Montrose Avenue and 73 Meserole Street in the Brooklyn market. The total loan amount for the construction project is $162,900,000, arranged by HDC, aimed at developing 312 affordable housing units across the two sites, with approximately 60% of the units reserved for formerly homeless residents.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $162,900,000
• Lender: J.P. Morgan Chase
• Landlord: David Schwartz & Martin Nussbaum - Slate Property Group; RiseBoro Community Partnership Inc.
• Loan Type: Construction

The deal is represented by David Schwartz and Martin Nussbaum from Slate Property Group, along with RiseBoro Community Partnership Inc., highlighting their commitment to increasing affordable housing in Williamsburg. The collaboration reflects a strategic alliance in addressing community needs through the development of this housing project.