Seyfarth Represents Slate Property Group in a $64 Million Refinancing Loan for Marquis Brooklyn Property

Seyfarth, led by partner Jay Levinton, represented Slate Property Group in securing a $64 million floating-rate refinance of The Welz, Slate’s 19-story, 162-unit multifamily property in Brooklyn, NY. The three-year senior mortgage loan, provided by Starwood Capital, refinances the project’s existing construction facility, funds closing costs, and supports the final stage of residential lease-up for the approximately 116,000-square-foot asset.

The Welz is among the last New York properties to benefit from the 421-a tax abatement program and includes 49 affordable apartments. Slate's founding principal Martin Nussbaum described the building as "a marquis, institutional quality asset in one of New York City's most dynamic and ascendant neighborhoods."

“We’re happy to support Slate in its growth, and this transaction is a great example of Seyfarth’s ability to drive complicated, multi-party financings to a clean close,” said Levinton.

 Levinton led a Seyfarth team of attorneys which included Elizabeth Dahill and Michael Parachini.

The transaction was featured in Law360 Real Estate Authority: Slate Nets $64M Refi For Brooklyn Multifamily Property