Madison Realty Capital Loans $485M to Recapitalize 625 Fulton Street
The Rabsky Group’s Brooklyn project will have nearly 1,100 units upon completion this year
By Brian Pascus June 4, 2024 11:58 am
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The Rabsky Group’s massive apartment complex in Downtown Brooklyn has secured another round of financing as it nears completion.
Madison Realty Capital" class="company-link">Madison Realty Capital provided Rabsky Group with a $485 million loan to recapitalize 625 Fulton Street, a 35-story, 1,098-unit multifamily asset with retail currently under construction, Commercial Observer has learned.
Henry Bodek from Galaxy Capital brokered the financing.
The loan retires $450 million in construction debt that Madison Realty Capital had financed the project with in September 2021.
Upon completion, which is scheduled for later this year, 625 Fulton Street will yield 342 studios, 492 one-bedrooms and 264 two-bedrooms. The project is one of the last to be built through the state’s now-expired 421a Affordable Housing New York program: 30 percent of units will be designated as affordable, while dozens of others will be affordable rentals through New York City’s Inclusionary Housing Program.
The project is also scheduled to include nearly 26,000 square feet of retail space along Fulton Street, as well as 250 parking spaces and 150 storage units. The apartment complex is on Fulton Street between Hudson Avenue and Rockwell Place, near the Nevins Street subway stop and Brooklyn Technical High School.
625 Fulton Street has been in development since 2019, when CO first reported that Rabsky Group had been granted a six-month extension on $100 million worth of debt on the two adjacent development sites that would eventually house the project.
CO reported that Rabsky bought those lots for $158 million from Forest City Realty Trust in early 2016, helped by financing from Bank Leumi, Axos Bank and the State Bank of Texas.
The Rabsky Group is owned by Simon Dushinsky and Isaac Rabinowitz, and largely specializes in CRE development across neighborhoods in Brooklyn, where the firm is headquartered. The firm did not respond to requests for comment.
Madison Realty Capital did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
