Updated Jul 15, 2026
Slate Property Group And RiseBoro Community Partnership Secure $162.9M Loan For Affordable Housing In Brooklyn
178 Montrose Avenue & 73 Meserole Street
$162,900,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 15, 2026
About this deal
AI
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.
On the Map
$162,900,000
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93