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New York & Tri-State  + Outer  + Finance  | 

$127M Financing Goes to Prospect Park Redevelopment

The redevelopment of a prewar mixed-use building on the northwest corner of Prospect Park in Brooklyn has received $127 million in construction financing from Mack Real Estate Credit Strategies. Meridian Capital Group arranged the financing on behalf of Sugar Hill Capital Partners, marking the second deal Meridian has cut for Sugar Hill on One Prospect Park West.

A Meridian team including Ronnie Levine, Shamir Seidman and Ben Jacobs negotiated with Mack on the loan. “Meridian previously arranged the acquisition financing for One Prospect Park West, and is proud to again have represented Sugar Hill Capital Partners in negotiating financing for this transformative project,” said Levine.

Sugar Hill acquired the nine-story property, at that time an assisted-living facility, in 2016. The locally based impact investment manager plans to convert One Prospect Park West into luxury apartments, and restore it to its original grandeur.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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