New Empire Secures $75 Million Construction Financing for 131-Unit Flatbush Multifamily Development

Developer New Empire has secured $75 million in construction financing for a new multifamily project located at 757 Flatbush Avenue in Brooklyn's Flatbush neighborhood. The funding package includes a $58 million senior loan from Madison Realty Capital and a $17 million mezzanine loan provided by Naftali Credit Partners. A portion of these funds will also be utilized to refinance existing land debt associated with the development site.

The project is planned as a nine-story building, with architectural design by Morali Architects and interiors by Paris Forino. It is slated to feature 131 residential units, offering a diverse mix of studio, one-, two-, and three-bedroom layouts to cater to various housing needs. In addition to the residential component, the development will incorporate 3,348 square feet of commercial space, contributing to the local street-level economy. This substantial financing deal enables the progression of a significant residential and commercial development in a key Brooklyn neighborhood. For developers and investors, this transaction underscores the continued availability of capital for well-located multifamily projects in New York City, particularly those that also involve refinancing existing land debt as part of their capital stack.