New York & Tri-State + Outer + Finance | August 15, 2018

JP Morgan Provides $60M Debt for Clinton Hill Development

Slate Property Group has obtained a $60-million loan from JP Morgan Asset Management to recapitalize 325 Lafayette Ave., a luxury apartment development in Brooklyn’s Clinton Hill neighborhood. NKF Capital Markets’ Dustin Stolly, Jordan Roeschlaub and Daniel Fromm arranged the financing for the 116-unit property, which is slated for substantial completion this fall.

The eight-story property will include 16,943 square feet of street level retail space pre-leased to Key Food and Starbucks. Among its amenities are a fully-equipped rooftop, fitness center and residents’ media and gaming lounge.

“325 Lafayette’s comprehensive, modern amenity package, as well as excellent transit access, enabled lenders to underwrite an accelerated lease-up program,” said Stolly. “This maximized loan proceeds before completion, and facilitated the swift launch of this project.”

Roeschlaub added, “The pre-leased commitment of Key Food and Starbucks further speaks to the premier location in the heart of the rapidly- transforming Clinton Hill neighborhood.”

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With NKF's StollyConnect With Slate

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).