USAA Provides Acquisition Financing for Brooklyn Condos

A joint venture between Meadow Partners and Slate Property Group sold the 183-unit building.
1 Flatbush Ave. Image courtesy of Cushman & Wakefield

A buyer of a luxury multifamily condominium in the heart of downtown Brooklyn, N.Y., has obtained $57 million in acquisition financing. According to public records, Goldman Sachs purchased the building for $101.4 million. Cushman & Wakefield served as exclusive adviser on the financing, which USAA Real Estate and Mack Real Estate Group provided. Located at 1 Flatbush Ave., the building is a brand new, Class A, mixed-use property featuring 183 units.

Showing an unwavering faith in the caliber of the property, as well as a conviction about the institutional sponsorship, USAA Real Estate provided a custom debt solution tailor made for this acquisition, Cushman & Wakefield said in a statement. That made possible the arrangement of the financing during a challenging period in the capital markets.

Developed two years ago, 1 Flatbush Ave. rises 19 stories in height at the corner of Flatbush Avenue and Fulton Street. The residential structure includes a retail component. Its efficiently-designed rental units offer in-unit washer-dryers, stainless steel appliances, hardwood and tile floors, air conditioning and custom kitchen cabinets. 

A fitness center with yoga studio leads the building’s array of common-area amenities. In May, Cushman & Wakefield assisted when a Pensacola, Fla., property changed hands.

Residents of 1 Flatbush Ave. benefit from immediate access to the leading mass transit hubs in Brooklyn. These include LIRR’s Atlantic Terminal and a number of MTA subway lines offering quick and easy commutes to Downtown and Midtown Manhattan. 

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus and Maya Steinberger represented the borrower in the financing. Cushman & Wakefield Investment Sales specialists Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented Meadow Partners and Slate Property Group, the sellers, in the sale of the multifamily structure. The partners retained ownership of the retail portion of the property, which was refinanced with a $25.6 million loan on the same day as the sale, also through Mack Real Estate Group.