JP Morgan Refis 625 Fulton Street With $765M Loan
By Andrew Coen April 1, 2026 5:30 pm
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Rabsky Group has secured $765 million of permanent debt to refinance a newly completed multifamily tower in Downtown Brooklyn.
J.P. Morgan Chase provided the balance sheet loan on Rabsky’s 35-story 625 Fulton Street project, which debuted last year, a source familiar with the deal told Commercial Observer. The financing replaces $555 million of previous construction debt provided by Madison Realty Capital for the 1,102-unit development.
Galaxy Capital’s Henry Bodek arranged the transaction.
The Promote first reported the loan.
The 625 Fulton project consists of 303 studios, 475 one-bedroom units and 324 two-bedroom units, with 30 percent of the units designated as affordable housing. The property also features 54,000 square feet of retail space anchored by German discount grocery chain Aldi and 300 parking spaces.
625 Fulton Street sits at the corner of Fulton Street and Rockwell Place, two blocks east of Flatbush Avenue and close to the Nevins Street subway station.
J.P. Morgan and Rabsky Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
