Slate Property Group has closed on a $64 million refinancing deal for The Welz, a newly completed multifamily development at 159 Boerum Street in East Williamsburg, Brooklyn. Designed by Aufgang Architects and developed in partnership with Avenue Realty Capital, the 19-story building offers 162 rental units and spans 116,000 square feet. The project reached substantial completion in February 2025 and is currently 96 percent leased.
Rendering of 159 Boerum Street, via NYC Housing Connect.
The refinancing package, provided by Starwood Capital, is a three-year floating-rate loan. Proceeds from the loan will be used to retire the existing construction financing, cover closing costs, and finalize lease-up operations. The Welz includes approximately 49 affordable units and was among the final developments to qualify for the 421a Tax Abatement.
Rendering of 159 Boerum Street, via NYC Housing Connect.
Apartments at The Welz are offered in configurations ranging from studios to two-bedroom layouts. Amenities at the property include a doorman, concierge, fitness center, rooftop terrace, bike storage, and on-site parking.
Rendering of 159 Boerum Street, via NYC Housing Connect.
The Welz is located two blocks from the L train at Montrose Avenue and within walking distance of the J and M trains at Lorimer Street. Nearby transportation options also include the Williamsburg Bridge and the South Williamsburg ferry terminal at Schaefer Landing, with service to Manhattan.
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Hi my name is Diane Pryor I’m 70y retired mother of 3 grandmother of 5evey leth the nest I’m hopeimay get a chance to live in a new apartment.