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$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
- ◦Financing
- ◦Development

