A $75 million financing package has been secured to support the development of 757 Flatbush Avenue, a forthcoming nine-story condominium building in Flatbush, Brooklyn. The package consists of a $58 million senior loan from Madison Realty Capital and a $17 million mezzanine loan from Naftali Credit Partners. The financing will refinance existing land debt and fund the project’s remaining hard and soft construction costs. Designed by Morali Architects and developed by New Empire, the project will yield 131 condominium residences ranging from studio to three-bedroom units, along with approximately 3,348 square feet of ground-floor commercial space.
The property is located between Clarkson Avenue and Lenox Road.
The renderings preview a rectangular massing with stepped setbacks at the fifth and seventh floors. The façade will be composed of white paneling with beveled frames surrounding floor to ceiling windows. The roof will be lined with a glass railing for a terrace, and will be topped with a canopy.
Rendering of 757 Flatbush Avenue. Designed by Morali Architects.
Planned amenities at 757 Flatbush Avenue include accessory parking, resident storage, and a collection of shared amenity spaces. The financing marks the latest partnership between Naftali Credit Partners and New Empire following previous collaborations at 208 Delancey in Manhattan and 24-01 Queens Plaza North in Long Island City.
Rendering of 757 Flatbush Avenue. Designed by Morali Architects.
Rendering of 757 Flatbush Avenue. Designed by Morali Architects.
According to Naftali Credit Partners, the investment brings the firm’s total investment volume since launch to approximately $325 million, while the platform has structured more than $1.4 billion in total capitalization. Madison Realty Capital partnered on the financing by providing the senior loan, with both lenders citing continued demand for new condominium developments in Brooklyn as a key driver behind the transaction.
Rendering of 757 Flatbush Avenue. Designed by Morali Architects.
Rendering of 757 Flatbush Avenue. Designed by Morali Architects.
The property is currently occupied by a series of low-rise commercial buildings.
757 Flatbush Avenue, via Google Maps.
The property is located near Prospect Park and offers convenient access to the Q train, with additional connections to the B, 2, and 5 trains. The surrounding neighborhood also features a range of retail, dining, healthcare, and educational destinations, positioning the development within one of Brooklyn’s growing residential corridors.
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