An $18.5 pre-development loan has been issued for 167-174 4th Avenue, a proposed 16-story residential building in Park Slope, Brooklyn. Developed by Urban Development Partners, the structure is planned to yield 133 rental units with an affordable housing component, as well as ground-floor retail space. Naftali Credit Partners provided the loan for the property, which is located between Douglass and Degraw Streets.
Further details on the project, including renderings and planned amenities, have not been released at this time.
“As we continue to make investments that speak to our dedication to New York City, we’re pleased to announce our latest financial venture at 167-174 4th Avenue,” said Glenn Grimaldi, chief executive officer of Naftali Credit Partners. “Given today’s challenging financial landscape, we’re proud to partner with the talented team at Urban Development Partners and affirm our confidence in unique multifamily projects, especially in New York City.”
The site is located two blocks north of the Union Street subway station, served by the D, N, R, and W trains.
The developer is aiming for a completion date in 2027.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
affordable component, I wonder what the AMI will be, hope not more high price so called affordable units, because THE RENTS IN THE AMI ARE TO DAM HIGH
There are both units for rent and affordable housing, including retail space so whoever can afford and take it: Thanks.