January 6, 2016
Willkie advised the joint venture partners in securing a $110 million loan to develop One Flatbush, a planned mixed-use building in Downtown Brooklyn.
Willkie recently represented Slate Property Group and Meadow Partners in securing a $110 million loan to develop One Flatbush, a joint venture development project in Downtown Brooklyn. Last April, a Willkie team represented Meadow Partners in the joint venture and acquisition agreement with Slate.
One Flatbush is situated at the corner of Flatbush Avenue and Fulton Street, the sixth-largest shopping street in America. The intersection is the most visible corner in Brooklyn and the gateway to the Fulton Mall. The mixed-use building is planned at approximately 170,000 square feet, comprising 19 stories, 157 rental apartments and 24,500 square feet of retail space across the bottom two floors. It is anticipated that One Flatbush will open by spring or summer of 2017.
Meadow Partners is a privately held investment manager focused on the real estate industry. Slate Property Group is an operator and developer of residential and commercial real estate in the New York metropolitan area.
Partner David Drewes led the teams on both transactions, with associates Jennifer Coffey and Elizabeth Case on the financing matter and associates Justin Elliott, Jennifer Coffey and Jacob Moss on the joint venture and acquisition.
