Financing Secured for $54 Million Residential Project at 575 4th Avenue
The Daten Group, a New York-based developer, has secured the financing needed to proceed with its $54 million plans to construct an 84,000-square-foot residential building at 575 4th Avenue (between 16th Street and Prospect Avenue) in Park Slope.
The Commercial Observer reports that Daten Group acquired the land in November 2015 for $17 million and plans to develop a 70-unit condominium building there with 48 indoor parking spots and over 6,000 square feet in retail space.
Daten received a $40 million mortgage from Centennial Bank and a $14 million mezzanine loan from Terra Capital Partners.
With views of New York Harbor, accessibility to public transportation and excellent public schools, 575 4th Avenue is scheduled to be completed at the end of 2018.