Davis Companies buys $15M note from Bank OZK on Slate, Meadow property

Davis Companies through the entity Div 570 Lender, LLC bought a note with a maximum principal value of $15 million secured by 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 570 Fulton Street in Fort Greene. The deal closed on December 30, 2020 and was recorded on January 25, 2021.

This is the assignment of an acquisition loan Bank OZK provided in 2015 to Slate and Meadow for the purchase on September 18, 2015 for $22,900,000. The parcel has approved rezoning for a 40-story tower with 139 residential rental units and approximately 87,000 square feet of office space, with 35 to 42 of those units affordable, according to The Real Deal. Slate and Meadow developed 1 Flatbush Avenue next door. They sold the 183 residential units in the building in December 2020 for $101 million.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $50,000.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link

Correction: A prior version of this post included an incorrect initial maximum principal for the loan.