Slate Property Group and RiseBoro close on acquisition and construction financing

Brooklyn, NY Slate Property Group, a private New York City-based owner, operator, developer, and lender, and RiseBoro Community Partnership, a non-profit affordable housing developer and social services provider, have closed on acquisition and construction financing of 178 Montrose Ave. and 73 Meserole St. in Williamsburg. The project will deliver 312 units of affordable and supportive housing, with 60% of all units reserved for formerly homeless households. The buildings will be co-developed by Slate and RiseBoro and, upon completion, operated by RiseBoro, ensuring long-term affordability and on-site services for supportive housing tenants under a mission-driven nonprofit operator.

“Solving New York’s housing crisis means building affordable homes in every neighborhood, including high-cost communities where this housing is most needed but rarely built,” said David Schwartz, co-founder and principal of Slate Property Group. “As one of the city’s most expensive neighborhoods, Williamsburg has been out of reach for far too many working families. This project aims to fix that by delivering 312 units of affordable and supportive housing with access to jobs, transit, schools, and other resources. We’re proud to partner with RiseBoro once again to deliver permanent, service-rich housing that will strengthen the neighborhood and make communities like Williamsburg more accessible to more New Yorkers.”

“Williamsburg is one of the hardest neighborhoods in the city to build housing for the people who need it most, which is exactly why this project matters.” said Kieran Harrington, chief executive officer of RiseBoro Community Partnership “178 Montrose and 73 Meserole will be permanent homes with services on site for hundreds of New Yorkers who have gone too long without a stable place to live, and RiseBoro will own and operate them for the long haul. We’re proud to build alongside Slate again, and prouder still of who gets to call these buildings home.”

Located in the heart of Williamsburg, 178 Montrose Ave. and 73 Meserole St. will contain 163 units and 149 units, including a mix of unit sizes ranging from studios to three-bedroom apartments. Sixty percent of all units will be reserved for formerly homeless individuals and the remaining units will offer rents affordable to low-income households.

Both buildings will have ample space for administrative, social service and community space. Building amenities will include outdoor and indoor recreation areas, fitness facilities, and on-site laundry. Residents will have access to full-time security and maintenance staff, on-site social services provided by RiseBoro, and excellent options for public transportation, including the L and G subway lines, and the B43, B60, and B62 bus lines. The buildings will also be highly energy-efficient, featuring all-electric appliances, cooling systems, and heat pump water heaters and adhering to Enterprise Green Communities Criteria.

The project is funded through tax-exempt bond financing and loan support from the New York City Housing Development Corporation, with credit enhancement (the construction financing) provided by JPMorgan Chase; loan support from the New York City Department of Housing Preservation and Development; the Low-Income Housing Tax Credit and the Brownfields Tax Credit, both syndicated by Hudson Housing Capital with equity investment provided by JPMorgan Chase; and the New York City Department of Homeless Services’ 15/15 program, which will support ongoing operations and social services contracts.

The 178 Montrose Ave. and 73 Meserole St. development is the latest development partnership between Slate and RiseBoro. In 2025, the partners completed Baisley Pond Park Residences, a 318-unit affordable and development in Jamaica, Queens, and New York’s first hotel-to-residential conversion project under the Housing Our Neighbors with Dignity Act (HONDA). They also completed 326 Rockaway Avenue, a 216-unit affordable/supportive housing development in Brownsville, Brooklyn.