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Acquisitions

Scott Barone acquires 6301 12th Avenue

Madison Realty Capital provided the debt

6301 12th Avenue (Credit: Brownstoner)

Scott Barone has acquired a development site at 6301 12th Avenue in Dyker Heights from the Sisters of Mercy for $37.5 million. Barone plans to build a 300,000 square-foot mixed-use project.

How he got the plans approved… There will be 60,000 square feet set aside for a school and senior housing. In addition, 15 percent of the residential units will be affordable.

Acquisition Financing: The developer closed on the acquisition with a $27 million loan package from Madison Realty Capital, according to GlobeSt.

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