Slate Property signs $62M loan with Cerberus Capital in Clinton Hill

Slate Property Group through its SPG 325 Lafayette Property Owner LLC as borrower signed a loan with lender Cerberus Capital Management through its CRE Lender Sub III, LLC valued at $62 million for the 116-unit bulk condos (BS) at 325 Lafayette Avenue in Clinton Hill, Brooklyn.
The deal closed on August 13, 2021 and was recorded on August 25, 2021.
The property has 119,951 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $516 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.)
(320623312)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 116 residential units on July 1, 2020. (320623312) Plans for a 116-unit, 94,629 square-foot R-2 were filed on February 18, 2015 and were permitted on August 18, 2016.

Within a 400-foot radius of 323 Lafayette Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 14, 2020 for the $400,000 renovation of 3,027-square-foot R-2 building with four residential units at 68A Clifton Place.
Of those three items, two were loans above $5 million totaling $38.1 million. The most recent of the two was Leslie Sierra which borrowed $32.3 million from New York City Housing Development Corporation secured by the 370,990-square-foot, 327-unit co-op (D4) on 333 Lafayette Avenue on January 5, 2021.

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