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William Macklowe, Senlac Ridge Score $143M to Build Park Slope Mixed-Use Development
Senlac Ridge Partners and The William Macklowe Company have obtained $142,900,000 in construction financing for a mixed-use development project at 120 Fifth Ave. in Brooklyn’s Park Slope neighborhood. 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, formerly home to Key Foods, in 2020. Upon completion, the project will feature two mixed-use buildings containing 180 residential units with 25% affordable, 67,000 square feet of retail space, a parking garage and a fitness center.
- ◦Development
- ◦Financing
