Adam America lands $105M refi for Crown Heights rental building
By
Joseph Richter
Published on
Deutsche Bank provided the debt for the soon to be completed project at 409 Eastern Parkway
Rendering of 409 Eastern Parkway (Credit: Adam America)
Adam America has secured a $105 million loan from Deutsche Bank to refinance its mixed-use development at 409 Eastern Parkway. The nearly completed project spans 197,628 SF, and is located in Crown Heights.
Building details: The property will consist of 186 apartments (35 will be affordable), a retail component (14,357 SF), and a parking garage (15,500 SF)
Financing details: The new loan replaces previous debt from Santander Bank. It also includes a $41 million gap mortgage, according to TRD.