New York & Tri-State + Outer + Finance | December 22, 2022

The developers of 326 Rockaway Ave., an affordable apartment project in Brooklyn's Brownsville neighborhood, have closed on construction financing

Construction Loan Closes for Brownsville Affordable Development

Slate Property Group, an owner, operator and developer of residential and commercial real estate in the New York metropolitan area, and nonprofit developer and service provider RiseBoro Community Partnership closed on a construction loan for 326 Rockaway Ave., a 185,000-square-foot development in Brooklyn’s Brownsville neighborhood. Loan terms weren’t disclosed.

Of the 215 new affordable homes at 326 Rockaway Ave., 60% will be dedicated to supportive housing for young adults and young adult families. The remaining 40% is reserved for families earning below 60% of the Area Median Income.

The project was financed through a combination of Low-Income Housing Tax Credits, tax-exempt bonds, and subsidies with support from the New York City Housing Development Corporation, the New York City Department of Housing Preservation and Development, and Goldman Sachs Asset Management. The new homes at 326 Rockaway are also made possible through an acquisition loan from the Corporation for Supportive Housing.

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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 13-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 15-20 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).