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 by Q3 of 2025 under the supervision of Manhattan Management Realty. This development is part of a larger redevelopment project that aims to transform an old Sears catalog printing facility into affordable housing in response to the growing demand for multifamily properties in Brooklyn.
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 also expressed excitement about working with experienced developer David Bistricer who has successfully completed over 60 buildings in the NYC metro area.
The design for this new development was done by S. Wieder Architect PC and will include retail space, parking facilities, and various amenities.
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