The Brodsky Organization has received a $144 million permanent loan for Plank Road Apartments, a newly built 312-unit luxury multifamily building in Brooklyn, N.Y., that is part of the 22-acre Pacific Park master plan development. The loan paid off construction debt funded by Citizens Bank and M&T Bank.
The 10-year, fixed-rate, full-term interest-only loan was secured by M&T Realty Capital Corp. and locked 60 days prior to closing with a life company relationship. Senior Managing Director John Taylor and Managing Director Donna Falzarano of M&T Realty Capital Corp.’s New Jersey office led the transaction in collaboration with Mike Edelman, president of M&T Realty Capital Corp.; Kyra Berzinis, senior vice president at M&T Realty Capital Corp.; and Andrea Wagonseller, senior vice president, Commercial Real Estate Finance, M&T Bank.
Taylor and Falzarano told Multi-Housing News the “rate was locked just prior to market volatility that occurred as a result of world events.”
Falzarano had noted in prepared remarks that the team’s marketing efforts gave The Brodsky Organization numerous options to choose from on the financing transaction. She said the parties worked expeditiously to lock the rate and close in a challenging environment.
Plank Road Apartments, located at 662 Pacific St. in the Prospect Heights neighborhood, was designed by Marvel Architects. The 27-story building has a mix of studios, one-bedroom and two-bedroom units and includes 94 affordable apartments. Late last month, the developer announced the building’s market-rate apartments were fully leased.
Apartments feature open floorplans, hardwood floors, floor-to-ceiling windows and state-of-the-art appliances including washers and dryers. Amenities include a rooftop pool, fitness center, grilling stations with communal lounge, multiple outdoor spaces, a children’s playroom and bike storage.
A public school will be built at the base of the building.
The building is just steps from the Barclays Center and nine subway lines at the Atlantic Avenue-Barclays Center station and the Long Island Railroad at Atlantic Terminal. It is a short walk to shops and restaurants on Vanderbilt Avenue and near Brooklyn’s cultural institutions including the Brooklyn Academy of Music.
Pacific Park Growth
Plank Road Apartments is the fifth completed residential building at Pacific Park. The Brodsky Organization is also building Brooklyn Crossing in partnership with Greenland USA. Located at 18 Sixth Ave., the 51-story tower will have 858 apartments with 258 units set aside for affordable housing. Leasing began in January at Brooklyn Crossing, which offer studios, one-, two- and three-bedroom apartments and 26,000 square feet of amenities including a Sky Lounge and rooftop pool.
In December 2019, the developers secured $460 million in construction financing for the property. A consortium of banks led by M&T Bank and Bank of New York provided the financing.
Other residential properties within Pacific Park include a condo tower at 550 Vanderbilt; 100 percent affordable rental communities 535 Carlton and 38 Sixth; and 461 Dean, known for being the tallest modular building in the world. Once fully completed, Pacific Park will have a total of 6,439 housing units, 2,250 of which will be designated affordable.