Ranger Properties and KD Sagamore Capital have entered into a $ 40 million loan to complete a new multi-family rental property at 982-988 Fulton Street in Clinton Hill, Brooklyn. Funding was provided by SCALE Lending, a subsidiary of Slate Property Group.
The building will replace a parking lot owned by the Bethel Seventh-day Adventist Church which is located next to the property at 457 Grand Avenue. In 2018, the Ministry of Buildings authorized Ranger Properties to reallocate the parking lot which required a division of the tax lot. The developer also paid the church $ 2.1 million for a transfer of land rights.
Designed by Fogarty Finger, the nine-story building will offer 130,000 square feet and 113 apartments, 30% of which will be for affordable housing. Residential facilities will include indoor and outdoor lounges, a multimedia room and a swimming pool. Additional elements will include an 86-vehicle parking garage and community space on the ground floor.
Renderings depict a red brick clad structure that offers a modern take on traditional industrial aesthetics. The most notable feature is a half-arch pattern that repeats sporadically on the window grilles and in the lower corners of the building. Above the seventh floor, the structure returns to a two-story volume with a white brick finish.
This latest loan from SCALE Lending is a milestone for the company, which now brings in more than $ 1 billion on loan in the past 18 months.
âSCALE continues to establish itself as the preferred lender for borrowers, using our extensive experience and intimate knowledge of the submarket to effectively close this transaction while providing a great financing solution for the borrower,â said Daniel Ridloff. , Managing Director of SCALE Lending. âThis loan is the latest example of our confidence in the New York market and the incredible momentum of SCALE over the past 18 months.
The project team did not announce a planned completion date.
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