The Rabsky Group recently closed on a $72 million construction loan to complete a new high-rise residential building at 240 Willoughby Street in Fort Greene, Brooklyn. Provided by SCALE Lending, the construction loan will also fund the renovation of an existing 21-story, 189-unit multifamily development within the same complex.
The Rabsky Group acquired the complex, formerly known as Brooklyn Hospital Center, in 2018. That deal was reportedly brokered for $100 million. Today, the developer is finalizing its timeline to begin construction, which is expected to break ground this year.
“We’re excited to work with Rabsky Group, one of the most prominent developers in New York City,” said Martin Nussbaum, co-founder and principal of Slate Property, SCALE Lending’s owning entity. “This loan was another example of SCALE’s ability to quickly navigate a complex loan structure, including multiple buildings, a ground lease, and more. We are proud to have had such a successful year financing top-tier borrowers and great projects and are hopeful to be even more active in 2022.”
Designed by Fischer Rasmussen Whitefield, the new tower will top out at 30 stories and comprise 300 rental units. An unspecified portion of the units will be designated as affordable housing.
Rabsky has not confirmed when the project is expected to be completed, but construction has already broken ground.