New York City — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Ave., a mixed-use development in the Park Slope neighborhood of Brooklyn.
The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza.
The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage.
Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed.
The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. Sumitomo Mitsui Trust Bank provided the capital.
“The market continues to reward the highest quality projects and sponsors,” says Gil. “The ability to construct a sizable and highly amenitized mixed-use project in a prime Park Slope location is very rare.”
— Kari Lloyd