SCALE Lending Supplies $87M Loan for Williamsburg Multifamily Project
Goose Property Management has snagged $86.7 million of financing for the acquisition and construction of a multifamily development at a former Key Food site in Williamsburg, Brooklyn, Commercial Observer has learned.
SCALE Lending provided the debt package for the 175,000-square-foot project at 575 Grand Street, which will include 186 new units with 30 percent set aside as affordable housing under the Affordable New York program. The financing was arranged by Henry Bodok of Galaxy Capital.
Brooklyn-based Goose Property Management, which is led by Jacob Katz, acquired 575 Grand Street from Tapps Supermarkets for $42.5 million, sources told CO.
TerraCRG Partners’ Daniel Lebor and Dan Marks exclusively represented the buyer in the deal.
”This transaction is representative of the demand for residential development sites that have the ability to qualify for Affordable New York before the abatement expires in June,” Lebor said in a statement. “575 Grand Street presents a unique opportunity to capitalize on this moment in one of the most active neighborhoods in Brooklyn.”
SCALE Lending, an affiliate of Slate Property Group, has closed more than $1.5 billion in loans over the last 12 months. It recently sealed a $137 million loan for 555 Broadway in Williamsburg and a $55 million construction loan at 959 Sterling Place in Crown Heights.
“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,” Martin Nussbaum, co-founder and principal of Slate Property Group, said in a statement. “There are very few sites in the Brooklyn market that can compete with 575 Grand Street.”
Officials for Goose Property Management did not immediately return a request for comment.
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