Slate Property Group, an owner, operator and developer of residential and commercial real estate in the New York metropolitan area, announced it has closed on a $64 million refinancing for The Welz, a 162-unit multifamily property located at 159 Boreum St. in East Williamsburg, Brooklyn.
Developed by Slate Property Group and its partner Avenue Realty Capital (ARC), and designed by Aufgang Architects, The Welz is a 19-story, 116,000-square-foot property. The development was completed in February 2025 and is currently 96 percent leased.
Starwood Capital is providing the refinancing package. Newmark represented Slate and ARC in the transaction, securing the three-year, floating-rate loan. The proceeds will be used to retire the existing construction loan, cover closing costs and complete the asset’s initial residential lease-up.
“The Welz is a marquee, institutional-quality asset in one of New York City’s most dynamic and ascendant neighborhoods,” said Mart
