Newmark Arranges Refi for Prospect Lefferts Gardens Multifamily
Newmark arranged a $47.6-million loan on behalf of The Hudson Companies to refinance The Clark, a 170-unit multifamily property located at 310 Clarkson Ave. in Brooklyn’s Prospect Lefferts Gardens neighborhood. Benefit Street provided the financing.
Senior managing director Daniel Fromm, senior associate Samuel Speciale and analyst Lance Tillman of Newmark’s Global Debt & Structured Finance group arranged the financing.
“We built The Clark with the goal of delivering high quality, mixed-income housing to Prospect Lefferts Gardens and that commitment hasn’t changed,” said Chris Zedano, Hudson Companies managing director. “This refinancing puts the property on strong, stable footing and positions us to continue serving the families and longtime residents who call this neighborhood home. We appreciate Newmark’s execution and Benefit Street’s confidence in the asset.”
Completed in 2018, The Clark features market-rate, rent-stabilized and affordable housing units. The property also benefits from a 35-year 421-a tax abatement extending through June 2054.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout