Madison Realty Capital Closes $555M Loan for Brooklyn Resi Tower

The Rabsky Group has received an additional $70 million of financing to complete and lease-up its planned multifamily tower in Downtown Brooklyn, nearly a year after sealing a $485 million loan for the recapitalization of the 39-story project.

Madison Realty Capital (MRC) upsized its initial loan provided in June 2024 to $555 million for Rabsky’s 1,102-unit apartment building at 625 Fulton Street, Commercial Observer has learned.

“With its proximity to major employers and top education centers, Downtown Brooklyn is experiencing an influx of businesses and residents, cementing its status as one of New York’s fastest-growing residential markets,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. 

Galaxy Capital’s Henry Bodek arranged the transaction.

The 625 Fulton project is slated for completion this year and will consist of 303 studios, 475 one-bedroom apartments and 324 two-bedroom units. Thirty percent of the units will be designated as affordable housing, including 52 under New York City’s Inclusionary Housing Program, according to MRC. 

The property will feature 54,000 square feet of retail space that will be anchored by German discount grocery chain Aldi. It will also include 300 parking spaces and resident amenities such as a fitness center, a pet spa, a media room, a golf simulator and bowling alley.

Officials at Rabsky Group and Galaxy Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com