BROOKLYN, N.Y.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm served as the exclusive adviser in the procurement of $57,000,000 in acquisition financing for the multifamily condominium at 1 Flatbush Avenue, a brand new, Class A mixed-use property in the heart of Downtown Brooklyn. The fixed rate loan was provided by USAA Real Estate.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus and Maya Steinberger represented the borrower in the financing, while Cushman & Wakefield Investment Sales specialists Adam Spies, Adam Doneger, Dan OBrien and Avery Silverstein represented the seller, Meadow Partners and Slate Property Group, in the sale of the multifamily condominium.
“USAA Real Estate had conviction about the caliber of this new property and the institutional sponsorship. Their unwavering commitment during a difficult period in the capital markets ensured a timely execution for our Client,” said Gideon Gil. “USAA Real Estate provided a custom debt solution that was perfect for this acquisition.”
1 Flatbush Avenue, developed in 2018, is a 19-story residential building with a retail component located in the heart of Downtown Brooklyn. Consisting of 183 rental units that are efficiently designed, each unit features luxury finishes, including in-unit washer-dryers, stainless steel appliances and custom kitchen cabinets. The property provides tenants with a market-leading amenity package, including a state-of-the-art fitness center with a yoga studio, resident lounge and landscaped roof deck.
Located at the intersection of Flatbush Avenue and Fulton Street, the property offers immediate access to Brooklyn’s premier mass transit hubs, LIRR’s Atlantic Terminal and various MTA subway lines that provide convenient commute times to Downtown and Midtown Manhattan.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.