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New York & Tri-State  + Outer  + Finance  | 
The development at 120 Fiofth Ave. in Brooklyn's Park Slope will include tow residential towers and retail

William Macklowe, Senlac Ridge Score $143M to Build Park Slope Mixed-Use Development

Senlac Ridge Partners and The William Macklowe Company have obtained $142,900,000 in construction financing for a mixed-use development project at 120 Fifth Ave. in Brooklyn’s Park Slope neighborhood.  The loan was provided by Sumitomo Mitsui Trust Bank. 

Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. 

“The market continues to reward the highest quality projects and sponsors,” said Gil. “The ability to construct a sizable and highly amentized mixed-use project in a prime Park Slope location is very rare and we look forward to the successful completion of this trophy asset.” 

Macklowe and Senlac Ridge acquired the development site, formerly home to Key Foods, in 2020. Upon completion, the project will feature two mixed-use buildings containing 180 residential units with 25% affordable, 67,000 square feet of retail space, a parking garage and a fitness center. 

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Cushman & Wakefield's Gil

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).

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