Hope Street Capital has closed on a $55 million construction loan to finance the completion of a new seven-story residential building in Crown Heights, Brooklyn. The property is located at 959 Sterling Place on a property formerly owned by the Hebron Seventh Day Adventist School, a New York City landmark completed in 1889.
The loan is the latest closing for SCALE Lending, a Slate Property Group affiliate. In the course of a year, SCALE has expanded its regional presence and is today among the most active construction lenders with more than $1.25 billion in loans closed.
View from New York Avenue of revised (left) and original (right) facade at 959 Sterling Place – Morris Adjmi Architects; Hope Street Capital
Revised rendering (left) and original view (right) of 959 Sterling Place – Morris Adjmi Architects; Hope Street Capital
Revised (left) and original (right) renderings of front facade at 959 Sterling Place – Morris Adjmi Architects; Hope Street Capital
Designed by Morris Adjmi Architects, the new building will comprise roughly 150,000 square feet and a collection of 158 rental units. A total of 48 units will be set aside as affordable housing. Available floor plans will range from studios up to two-bedroom accommodations. Residential amenities will include a communal lounge, a fitness center, and a manicured garden.
The façade will comprise a mix of textured red brick, double-hung windows, pitched roofs paved with dark gray zinc shingles, and staggered open brickwork that conceals mechanical exhaust louvers and glass-clad volumes that link the east and west wings of the structure.
Construction broke ground last year following a lengthy approval process with the Landmarks Preservation Commission. Since then, the development team has not announced when the project is expected to debut.
Aerial view of undeveloped conditions at 959 Sterling Place – Morris Adjmi Architects; Hope Street Capital
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Adjmi’s work is usually among the best we’re getting. But here, Landmarks has made a clear improvement.
I like this,so how do I get the website to apply,thank you?
Another monstrosity of an eye sore leaving zero green space or concern for the neighborhood history. It’s all money money money. Why not take your billions and fix all the dilapidated building that sit in the area and rent those first, then build your crap.
Need two bedrooms