Slate, Avenue Realty signs $64M refi with Starwood for 162-unit rental in Williamsburg

Slate Property Group and its partner Avenue Realty Capital through the entity SPG Boerum LLC as borrower signed a refi loan with lender Starwood Property Trust through the entity Scredit Mortgage Funding Sub-1, LLC valued at $64 million for the 162-unit residential elevator building (D3) at 159 Boerum Street in Williamsburg, Brooklyn.
The deal closed on October 16, 2025 and was recorded on November 14, 2025. The prior lender was White Oak Financial which held debt that had an original loan amount of $55.5 million. The property has 105,437 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $606 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Slate Property Group was David Schwartz . The signatory for Starwood Property Trust was Joseph Rothenberg .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Abraham Shnay, head officer and Chris Mundo, site manager. The business entities are Mgt Property Management and Spg Boerum Llc. The 105,437-square-foot property generated revenue of $5.8 million or $55 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 162 residential units in Williamsburg has 105,437 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 109 feet and is 102 feet deep with a total lot size of 11,178 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $80 in OATH penalties in the last year.

Development

On the lot, there was one active new building construction project, 321191802, for a 161-unit, 138,228 square-foot R-2 building. The project was submitted by Slate Property Group and filed by David Schwartz with plans filed November 9, 2017 and permitted February 21, 2023.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 57,261 square feet of the 77,261 square feet. The largest owner is Sk Development, followed by Graham Living Llc and then Slate Property Group.
On the tax block, there was one new building construction project filed totaling 138,228 square feet. It is a 161-unit, 138,228 square-foot residential (R-2) building submitted by Slate Property Group and filed by David Schwartz with plans filed November 9, 2017 and permitted April 1, 2022.

The majority, or 82 percent of the 77,261 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Slate Property Group owned at least 68 commercial properties with 3,518 residential units in New York City with 3,509,673 square feet and a city-determined market value of $855.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Mack Real Estate Group, JPMorgan Chase, and Apollo Global Management respectively. Within the portfolio, the bulk, or 73 percent of the 3,509,673 square feet of built space are elevator properties, with hotel properties next occupying 12 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Queens next at 26 percent of the space.

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