SCALE Lending, the debt financing arm of Slate Property Group, announced that it has finalized a $166 million construction loan for the development of a 367-unit multifamily project located at 280 Bergen Street in Boreum Hill, Brooklyn, New York.
Goose Property Management, a Brooklyn-based real estate developer and property manager with extensive experience in Brooklyn and Queens, will utilize the funds for the 302,000-square-foot, four-building development that encompasses three 11-story buildings and one 12-story building in addition to 9,700 square feet of commercial space and 40 parking spaces. Once completed, the development will have 367 rental units ranging from studios to two-bedroom apartments.
Centrally located in North Brooklyn, the 280 Bergen Street development will allow for easy access to many of Brooklyn’s most popular neighborhoods including Downtown Brooklyn, Gowanus and Park Slope, as well as a quick commute into Manhattan. The development is three blocks from Atlantic Terminal with access to the Long Island Rail Road and the 2,3,4,5, B, D, N, Q, R subway lines.
“Boreum Hill is a vibrant and highly desirable family-friendly neighborhood, and 280 Bergen provides top quality accommodations and amenities in addition to its transit-friendly location. Goose Property Management has an outstanding track record, and we’re thrilled to partner with them on this project,” said Daniel Ridloff, Managing Director, Slate Property Group.
The development is designed by Fischer Rasmussen Whitfield Architects, a full-service architectural firm based in Montreal, Canada and specializing in ground-up design of new buildings, restorations, planning and zoning. 280 Bergen will feature a state-of-the-art fitness center, theater, game room, lounge, a children’s playroom and a yoga studio.
The 30-month whole loan was arranged by Galaxy Capital.
“SCALE has financed more than $3 billion in loan originations for residential projects, and 280 Bergen highlights our strategy in working with high quality sponsors with established track records in the New York metro area. We are looking forward for working with the Goose Property Management and supporting their success on this project,” said Martin Nussbaum, Founder, Slate Property Group.
This financing follows SCALE’s $105 million construction loan for the development of Metro Parc South’s development in Miami’s Hialeah neighborhood, a $79 million construction loan for the redevelopment of Silver Sky Global Capital’s Bath + Racquet Residences in Downtown Sarasota, FL. In December, SCALE issued a $170 million construction loan to Terra for a 578-unit multifamily building within its $1 billion Upland Park development in West Miami-Dade County. This loan continues SCALE’s recent lending momentum, announcing more than $1 billion in closings over the past year.
