NEW YORK CITY — Slate Property Group has secured a $64 million loan to refinance The Welz, a 162-unit community located at 159 Boreum St. in East Williamsburg, Brooklyn. Starwood Capital is providing the refinancing package. Daniel Fromm of Newmark represented Slate and co-owner Avenue Realty Capital (ARC) in the transaction, securing the three-year, floating-rate loan.
Slate and ARC developed the property, opening it in February. It is currently 96 percent leased. Loan proceeds will be used to retire the existing construction loan, cover closing costs and complete the asset’s initial residential lease-up. Units include studio, one- and two-bedroom apartments, outfitted with floor-to-ceiling windows that provide panoramic river, bridge and city views. All residences feature quartz countertops, stainless steel appliances, built-in washers and dryers, dishwashers and microwaves. Forty-nine units are set aside as affordable, but rent caps were not disclosed. Amenities include a doorman and concierge services, a fitness center, a roof deck, a parking garage and bike storage.