Ranger Properties and KD Sagamore Capital have closed on a $40 million loan to complete a new multi-family rental building at 982-988 Fulton Street in Clinton Hill, Brooklyn. Financing was provided by SCALE Lending, an affiliate of Slate Property Group.
The building will replace a parking lot owned by Bethel Seventh Day Adventist Church that sits next to the property at 457 Grand Avenue. In 2018, the Department of Buildings allowed Ranger Properties to repurpose the parking lot that required a tax lot division. The developer also paid the church $2.1 million for a transfer of land rights.
Designed by Fogarty Finger, the nine-story building will yield 130,000 square feet with 113 apartments, 30 percent of which will be designated for affordable housing. Residential amenities will include indoor and outdoor lounge areas, a media room, and a swimming pool. Additional components will include an 86-vehicle parking garage and ground-floor community facility space.
The renderings depict a red brick-clad structure that offers a modern take on traditional industrial aesthetics. The most notable feature is a half-arch motif that is repeated sporadically across the grid of windows and on the lower corners of the building. Above the seventh floor, the structure sets back to a two-story volume with a white brick finish.
Rendering of 982-988 Fulton Street (457 Grand Avenue) – Fogarty Finger
This most recent loan from SCALE Lending is a major milestone for the company, which now reports more than $1 billion lent over the last 18 months.
“SCALE continues to establish itself as the preferred lender for borrowers, using our tremendous experience and intimate knowledge of the submarket to efficiently close this deal while providing a great financing solution to the borrower,” said Daniel Ridloff, managing director of SCALE Lending. “This loan is the latest example of our belief in the New York City market and SCALE’s incredible momentum over the past 18 months.”
The project team has not announced an anticipated date of completion.
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That looks pretty nice.
As church attendance continues to fall, congregations will need to get creative in order to continue to pay for utilities and expensive building maintenance. This is a very good solution to providing new housing and keeping a historic church going.
Yes, and especially because this only replaces a surface parking lot.
Once again YIMBY’s lack of local knowledge is embarrassing. The building is not replacing a parking lot. Well, it was, but they actually finished the foundation well over a year ago and then they must have run out of funding, so the site has been idle for a long time. To present this as a totally new project is misleading and incorrect.