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Newmark Arranges Refi for Prospect Lefferts Gardens Multifamily

Newmark arranged a $47.6-million loan on behalf of The Hudson Companies to refinance The Clark, a 170-unit multifamily property located at 310 Clarkson Ave. in Brooklyn’s Prospect Lefferts Gardens neighborhood. Benefit Street provided the financing.

Senior managing director Daniel Fromm, senior associate Samuel Speciale and analyst Lance Tillman of Newmark’s Global Debt & Structured Finance group arranged the financing.

“We built The Clark with the goal of delivering high quality, mixed-income housing to Prospect Lefferts Gardens and that commitment hasn’t changed,” said Chris Zedano, Hudson Companies managing director. “This refinancing puts the property on strong, stable footing and positions us to continue serving the families and longtime residents who call this neighborhood home. We appreciate Newmark’s execution and Benefit Street’s confidence in the asset.”

Completed in 2018, The Clark features market-rate, rent-stabilized and affordable housing units. The property also benefits from a 35-year 421-a tax abatement extending through June 2054.

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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 19-plus years’ experience covering the commercial real estate industry and 35-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 11-15 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