Goose Property Management has received $87.6 million in financing to complete construction on a 186-unit rental property in Williamsburg, Brooklyn. Located at 575 Grand Street in a busy pedestrian corridor, the development will top out at nine stories and comprise approximately 175,000 square feet.
Of the total residential volume, 30 percent of the apartments will be designated as affordable housing units.
The loan was provided by SCALE Lending, the lending affiliate of New York-based owner and developer Slate Property Group, and will cover both acquisition and anticipated construction costs. SCALE has been one of the most active lenders in the market, with more than $1.5 billion in loans closed over the last 12 months. Most recently, the organization closed on a $137 million loan at 555 Broadway in Williamsburg and a $55 million construction loan at 959 Sterling Place in Crown Heights.
“We’re excited to work with Goose Property Management, whose strong reputation gave us confidence in their ability to perform and execute on this development,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “Despite all the ongoing challenges in the financial markets today, we worked through this loan with a high level of confidence due to this project’s superior location, which has very strong supply and demand metrics. There are very few sites in the Brooklyn market that can compete with 575 Grand Street.”
The project team has not confirmed an anticipated date of completion.
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The previous article reported the below – this has clearly changed. Do we know the new amount of retail and parking?
“The proposed 75-foot-tall development will yield 93,259 square feet, with 92,098 square feet designated for residential space and 1,160 square feet for commercial space. The building will have 134 residences, most likely rentals based on the average unit scope of 687 square feet. The concrete-based structure will also have a cellar, a 35-foot-long rear yard, and 67 enclosed parking spaces on the first floor.”
Please need two bedrooms Apartment.
I have section 8 voucher for 1 bedroom l live in P A l want to move to Brooklyn . I’m looking for 1 bedroom can you please send me a text thank you May God bless you good night