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Brokerage
Posted: November 22, 2022
Gil and Kaufman of C&W secure $142.9 million construction financing
Brooklyn, NY Cushman & Wakefield served as the exclusive advisor to Senlac Ridge Partners and The William Macklowe Company in the procurement of $142.9 million in construction financing for a mixed-use development project located at 120 Fifth Ave. in Park Slope. The loan was provided by Sumitomo Mitsui Trust Bank.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction.
“The market continues to reward the highest quality projects and sponsors,” said Gil. “The ability to construct a sizable and highly amentized mixed-use project in a prime Park Slope location is very rare and we look forward to the successful completion of this trophy asset.”
Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. Upon completion, the project will feature two mixed-use buildings containing 180 residential units, 25% of which will be affordable, 67,000 s/f of retail space, a parking garage and a fitness center. Lidl Supermarket, a German retailer, and CVS Pharmacy recently signed long-term leases for 35,000 s/f of the retail space with the developer.
The property is located five blocks from Flatbush Ave. and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains.
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