Nearly two years since developer K2 Real Estate Partners filed plans to build an eight-story residential project just east of Prospect Park, the firm has secured the money to start.
On Monday, the Queens-based developer closed on a $68.5 million construction loan from Scale Lending, an affiliate of Slate Property Group, to build 165 apartments at 210 Clarkson Avenue in Prospect-Lefferts Gardens.
The project will span 165,000 square feet and include a ground-floor retail space anchored by a grocery store. A Food Dynasty supermarket previously occupied the site; the most recent of its mostly bad Google reviews posted two years ago, and photos depict a graffiti-strewn eyesore with a single story above.
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For Scale, the financing continues its pandemic-era lending spree. In the past year and a half, the firm has closed on more than $1.25 billion in loans, most of it focused on the multifamily market.
The firm recently revitalized a residential building in Clinton Hill, Brooklyn, and backed others in Astoria, Queens, and Jersey City.
The multifamily sector has seen a snapback as renters have poured back into the city, gobbling inventory and driving up rents. Investment has followed: The dollar volume of investment sales more than tripled in the third quarter compared to the same time last year.