SCALE Lending has provided K2 Real Estate Partners with a $68.5 million construction loan to complete a mixed-use residential building in Prospect Lefferts Gardens, Brooklyn. The project site is located at 210 Clarkson Avenue and will eventually support an eight-story property designed by Hill West Architects with 165 rental apartments and a ground-floor grocery store.
SCALE Lending is the real estate investment affiliate of a Slate Property Group and is today one of the most active lenders in the New York Metropolitan market for construction financing. To date, SCALE Lending has provided more than $1.25 billion in financing over the last 18 months.
The construction loan for 210 Clarkson Avenue was arranged by Meridian Capital Group.
“This project is an example of SCALE’s continued ability to identify financing solutions for our borrowers by using our intimate market and construction knowledge,” said co-founder and principal of Slate Property Martin Nussbaum. “We were also able to close quickly, which allowed the developer to immediately start the construction and maintain their eligibility for the Affordable New York program, which is set to expire in June of 2022.”
Located at the corner of Rogers and Clarkson Avenues, a busy intersection between Prospect Park and Kings County Hospital Center, the entire building will comprise approximately 165,000 square feet.
The façade of the building will feature a mix of dark gray brick, large punched windows with exposed steel framing and supports, a pale cementitious material at each edge of the property, and a bronzed base level where the retail component is located.
The project team has not confirmed an anticipated date of completion.