SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for Clipper Equity’s new multifamily project in Flatbush, Brooklyn. The 7-story building will feature 354 units and is set to be completed in Q3 of 2025 under the oversight of Manhattan Management Realty. This development is part of a larger redevelopment project that aims to transform the historic Sears catalog printing facility into affordable housing options.
According to Martin Nussbaum, co-founder and principal at Slate Property Group, there is already strong demand for multifamily properties in Brooklyn and it continues to grow. He expressed excitement about working with experienced developer David Bistricer on this ground-up project as he has successfully completed over 60 buildings in the NYC metro area.
Designed by S. Wieder Architect PC, the new building at 2366 Bedford Avenue will include retail space, parking facilities and an array of amenities for residents’ convenience.
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