SCALE Lending Provides $55M Construction Loan for Brooklyn Apartments
By Andrew Coen January 31, 2022 9:00 am
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Hope Street Capital has secured a $55 million construction loan to build a new multifamily development in Crown Heights, Brooklyn, Commercial Observer has learned.
SCALE Lending supplied the debt package for Hope Street’s 158-unit project planned for 959 Sterling Place. Walker & Dunlop arranged the financing.
The deal continues an active past year for SCALE, which has closed more than $1.25 billion in loans throughout 2021.
“We are thrilled to continue our momentum from last year with yet another prominent project,” Daniel Ridloff, managing director of SCALE Lending, said in a statement. “We are excited for what’s to come throughout the upcoming year.”
The development is located a short walk from Prospect Park and the Brooklyn Children’s Museum. Forty eight of the units will be set aside as affordable housing under the Affordable New York program.
Representatives for Hope Street and Walker & Dunlop did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
