Heritage Equity Partners has secured $53 million in new construction financing to begin construction of a brand new 150-unit, ground-up multifamily community at 875 Fourth Ave. in the Brooklyn, N.Y. neighborhood of South Park Slope.
Heritage Development will serve as the project’s general contractor. Construction on the development is slated for completion by the second quarter of next year.
The construction loan, featuring a LIBOR-based floating rate, was provided by Madison Realty Capital and arranged by Meridian Capital Group and its director, Elliot Kunstlinger. The 140,000-square-foot development is to be constructed in a Qualified Opportunity Zone. It will feature studio, one- and two-bedroom units. Apartment features and finishes will include in-unit washers and dryers. A rooftop grill and sundeck is among the highlights of the luxury amenity package.
Located where Industry City meets Park Slope, and benefitting from a sharp influx of new employers in the area, South Park Slope is a vibrant and growing community that suffers from an undersupply of appealing housing options. The area is in particular need of newly-built apartments and new luxury units, Heritage Equity Partners said in a statement.
Featuring waterfront views, this development will be the lone Class A residential building within steps of Industry City’s creative center. It is also within walking distance of multiple transportation options, including the D, N and R subway trains. During the last half decade Industry City has witnessed a surge in technology and creative industry jobs. They in turn have spawned a revitalization that has delivered a number of mixed-use, residential and retail and office development projects in the area.
Last month, Quarters opened a new co-living community in Brooklyn.