Nelson Management Group Lands $44M Refi for Brooklyn Asset
- Mar 05, 2021
Nelson Management Group has obtained a $43.5 million loan to refinance Atlantic Plaza Towers, a 718-unit affordable community in Brooklyn, according to public records. Greystone originated the Freddie Mac financing due to mature in 2028. According to Yardi Matrix, the prior financing was a $36 million Fannie Mae loan the owner took out in 2016 from Santander Bank.
The Global One Investments affiliate acquired the rent-stabilized property in 2006 while in the Mitchell-Lama program, in a deal valued at $37 million, according to Commercial Observer. The transaction also extended the asset’s affordability through 2041. However, the community left the program in 2016.
Situated on nearly 8 acres at 249 Thomas S. Boyland St. and 216 Rockaway Ave., Atlantic Plaza Towers consists of two 24-story buildings completed in 1968. The towers house one-, two- and three-bedroom apartments, as well as 18,000 square feet of ground-floor retail, according to Yardi Matrix. Common-area amenities include a fitness center, laundry facilities and indoor garage parking.
After the 2006 purchase, Nelson invested some $10.5 million in capital improvements at the property. Upgrades included new roofs and windows, elevator replacement and exterior renovations, among others. Another multimillion-dollar renovation program followed in 2017.
The community is 2 miles east of downtown Brooklyn in the Ocean Hill area, close to shopping and dining. The location is easily accessible through public transportation, having a A&C subway station one block north and several bus and subway stations within a 1-mile radius.