K2 Real Estate signs $68.5M construction loan with Scale Lending for 165-unit project in East Flatbush

K2 Real Estate Partners through the entity 210 Clarkson Propco LLC as borrower signed a new construction loan with lender Scale Lending and Slate Property Group through the entity Scale Clarkson Lender LLC valued at $68.5 million for the mixed-use building (K2) at 210 Clarkson Avenue in East Flatbush, Brooklyn.
The deal closed on November 15, 2021 and was recorded on December 6, 2021.

(321596484) Plans for a 165-unit, 134,622 square-foot R-2 were filed on December 20, 2019.

The owner bought the property on August 13, 2019, for $20.5 million.
The signatory for K2 Real Estate Partners was Jeffrey Zwick.
Meridian Capital Group arranged the financing for K2, the Commercial Observer reported.

Within a 400-foot radius of 210 Clarkson Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on November 23, 2021 for a 34,299-square-foot R-2 building with 50 residential units at 219 Lenox Road.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $759,450. The most recent of these two items was the filing on August 19, 2021 for a 5,282-square-foot R-2 building with eight residential units at 257 Clarkson Avenue.
Of those six items, three were loans above $5 million totaling $25.6 million. The most recent of the three was BG Real Estate which borrowed $7.0 million from Berkadia Commercial Mortgage secured by the 67,417-square-foot, 71-unit rental (D1) on 223 Lenox Road on September 23, 2021.

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