SCALE Lending is offering $ 40 million mortgage lending for 982-988 Fulton Street in Clinton Hill, Brooklyn
Ranger Properties and KD Sagamore Capital have completed a $ 40 million loan to complete a new apartment building at 982-988 Fulton Street in Clinton Hill, Brooklyn. The financing was provided by SCALE Lending, a subsidiary of the Slate Property Group.
The building will replace a Bethel Seventh Day Adventist Church parking lot adjacent to the property at 457 Grand Avenue. In 2018, the Department of Buildings allowed Ranger Properties to repurpose the parking lot, which required a tax department. The developer also paid the church $ 2.1 million for land rights transfers.
The nine-story building, designed by Fogarty Finger, will encompass 130,000 square meters with 113 apartments, 30 percent of which will be for affordable housing. Residential facilities include indoor and outdoor lounge areas, a media room and a swimming pool. Other components include a parking garage for 86 vehicles and communal areas on the ground floor.
The renderings show a structure clad in red brick that offers a modern take on the traditional industrial aesthetic. The most striking feature is a semi-arch motif that is sporadically repeated across the window grid and on the lower corners of the building. Above the seventh floor, the building is set back on a two-story volume with white brick.
This latest loan from SCALE Lending marks a major milestone for the company, which has now lent more than $ 1 billion over the past 18 months.
“SCALE continues to establish itself as the preferred lender for borrowers by using our vast experience and in-depth knowledge of the submarket to efficiently complete this transaction while offering the borrower an excellent financing solution,” said Daniel Ridloff, Managing Director of SCALE Lending. “This loan is the latest example of our belief in the New York market and the incredible dynamism of SCALE over the past 18 months.”
The project team has not announced an expected completion date.
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