TODAY’S DEALS: Eastern Consolidated Facilitates Brooklyn Development

New York— Eastern Consolidated‘s Adam Hakim and Sam Zabala, managing directors in its Capital Advisory Division, raised a total of $65 million in debt and equity for Slate Property Group’s planned 19-story, mixed-use rental project at 1 Flatbush Avenue in Downtown Brooklyn. Financial Associate James Murad assisted with the deal.

The team arranged financing for the acquisition and pre-development phases of the 172,000-square-foot project, which calls for 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable. Located at the intersection of Flatbush Avenue, Fulton Street, and Nevins Street, the development also will offer close to 30,000 square feet of retail space on the basement, ground, and second floors, and a fitness facility for tenants on the third floor.

“It was a pleasure working on this project with Slate Property Group, which is one of New York City’s most active residential developers,” said Hakim. “This mixed-use project will transform an underdeveloped corner in Downtown Brooklyn, and offer retailers a space with an unprecedented level of exposure from the heavy vehicular and foot traffic on Flatbush Avenue.”

The development sits atop the Nevins Street station, where the 2, 3, 4, and 5 train lines converge, and is a short walk from the transportation hubs at Atlantic Terminal and DeKalb Avenue. Together these stations handle an average of 71,000 subway riders each day, while 50,000 cars per day travel on Flatbush Avenue.

Complementing Eastern’s thriving Investment Sales Division, the Capital Advisory team arranges the origination of commercial real estate debt and equity for all property types.

$9.65M property changes hands in the Valley of the Sun

Brentwood

Phoenix– Marcus & Millichap announced the sale of Brentwood, a 224-unit apartment property in Phoenix. The asset sold for $9,650,000.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a division of Marcus & Millichap, both in the firm’s Phoenix office, handled the sale on behalf of the seller, Brentwood-Phoenix LP. David and Gebing also procured the buyer, Pacific Real Estate Partners Inc. Brentwood is located at 11821 North 28th Drive in Phoenix.

“Brentwood stands to benefit from its close proximity to the Metrocenter Mall, a retail center that is centric to a redevelopment program that includes a myriad of new commercial opportunities, including a potential healthcare component alongside retail, office, multi-residential, and senior living,” says David. “Furthermore, the repositioning of the mall, coupled with the 6.5 million square feet of office space and 3.5 million square feet of industrial space that encompasses the property, will allow area residents to reclaim the lifestyle amenities that once made the region the prototypical live, work and play environment within the Valley.”

Brentwood is situated on 8.09 acres with a large street window on 28th Drive and is composed of studio, one- and two-bedroom/two-bath apartment homes complete with a fully equipped kitchen appliance package, large pantry space, ceiling fans, oversized closets, and a private patio/balcony with extra storage capabilities. Select units also feature a fireplace, vaulted ceilings and washer/dryer connections. Community amenities include a swimming pool and spa, barbecue stations and children’s playground, common laundry facilities, tennis/basketball court, and convenient covered parking.