NEW YORK CITY – Cushman & Wakefield has raised $ 57 million acquisition financing for an apartment building in a new mixed-use property in Brooklyn. USAA Real Estate provided the fixed rate loan.
The mixed-use Class A residential building is located on Flatbush Ave. 1 and consists of 183 residential units on 19 floors. The rental units have washing machines and dryers, stainless steel appliances and custom-made kitchen cabinets.
The property, built in 2018, offers amenities such as a state-of-the-art fitness center with a yoga studio, a guest lounge and a landscaped roof terrace. The property also consists of a retail component.
The property is located in downtown Brooklyn at the intersection of Flatbush Ave. and Fulton St., near transportation hubs, LIRR’s Atlantic Terminal and the MTA subway lines.
The Cushman & Wakefield equity, debt and structured finance team of Gideon Gil, Alex Lapidus and Maya Steinberger represented the borrower on the financing. Cushman & Wakefield’s investment sales specialists Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented seller Meadow Partners and Slate Property Group on the multi-family sale.
“USAA Real Estate was convinced of the caliber of this new property and the institutional sponsorship. Their unwavering commitment to a difficult time in the capital markets ensured timely execution for our client, ”said Gil. “USAA Real Estate provided a bespoke debt solution that was perfect for this acquisition.”
1 Flatbush Ave. in Brooklyn