G4 Capital Partners Provides $228M in Construction Loans on Gowanus Apartments
Simon Dushinsky is building a 604-unit development across two parcels
By Brian Pascus June 5, 2024 3:00 pm
reprints
The Rabsky Group is at it again in Brooklyn.
Simon Dushinsky’s New York-based development firm has secured $228 million in construction loans from G4 Capital Partners to build a 604-unit residential project across two parcels of land in Gowanus, Brooklyn.
G4 Capital Partners provided three notes made up of a $118.5 million senior loan, a $77 million senior loan, and a $32.5 million promissory note for parcels at 395 Carroll Street and 313/325 Bond Street, according to property records.
PincusCo first reported the deal.
The Real Deal reported in late May that Rabsky Group inked a $286 million construction loan for the project. The $228 million deal secured through G4 Capital Partners this week likely excludes the mezzanine debt reported in the earlier amount.
Rabsky is building the new development across two adjacent lots: a 425-unit, 313,348-square-foot residential building at 395 Carroll Street, and a 179-unit, 149,229-square-foot building at 325 Bond Street. The development will rise directly over the Gowanus Canal and Gowanus Waterfront Park.
Dushinsky purchased the land from Yael Goldman in August 2019 for $95 million, and received a $102 million loan from G4 Capital Partners in May 2022, according to property records.
The new multifamily development comes on the heels of the controversial 2021 Gowanus rezoning, which aims to transform the formerly industrial neighborhood of low-lying buildings into a development haven. The rezoning impacts approximately 82 blocks in the Brooklyn neighborhood and allows for construction of residential buildings reaching 30 stories. The plan aims to create at least 5,300 apartment units, according to Gov. Kathy Hochul’s office.
It’s been a busy week for the Rabsky Group. CO reported that the firm secured a $485 million loan from Madison Realty Capital to recapitalize 625 Fulton Street, a 35-story, 1,098-unit multifamily asset with retail currently under construction.
Rabsky Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
