SCALE Lending, the debt financing division of Slate Property Group, has finalized a $46 million bridge loan for Arris Grand, a recently completed nine-story residential building at 982-998 Fulton Street in Clinton Hill, Brooklyn. The loan will be utilized to pay off the existing construction loan and support the lease-up phase of the multifamily building.
Designed by Fogarty Finger, the structure yields 113 rental apartments in studio to two-bedroom layouts and approximately 10,000 square feet of indoor and outdoor amenities including a fitness center, roof deck, and terrace. The property also offers 7,154 square feet of ground-floor retail space at the intersection of Grand Avenue and Fulton Street.
Corcoran is handling leasing for the residential component, with RIPCO in charge of retail leasing.
Arris Grand is located between the Franklin Avenue and Clinton-Washington Avenues stations, serviced by the A and C trains.
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Looks great so far
It’s time to pay it back, loans for real estate development: Thanks.