Developer K2 Real Estate Partners has secured a $68.5-million construction loan to bring new multifamily housing to Prospect Lefferts Gardens in Brooklyn, reports Commercial Observer.

The loan, provided by Slate Property Group's financing arm Scale Lending, will go toward the construction of a 165-unit residential development at 210 Clarkson Avenue.

Hill West Architects is designing the new eight-story edifice, which will include 165,000 square feet of floor area and a grocery store at street level.

According to Commercial Observer, the funding will allow K2 Real Estate to begin construction immediately and maintain eligibility for the Affordable New York program, which is scheduled to expire in June 2022.