SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $166-million construction loan for the development of a multifamily project located at 280 Bergen St. in Boerum Hill, Brooklyn. The 30-month whole loan was arranged by Galaxy Capital.
Goose Property Management, a Brooklyn-based real estate developer and property manager, will use the funds for the 302,000-square-foot, four-building development that includes three 11-story buildings and one 12-story building in addition to 9,700 square feet of commercial space and 40 parking spaces. Once completed, the development will have 367 rental units ranging from studios to two-bedroom apartments.
“Boerum Hill is a vibrant and highly desirable family-friendly neighborhood, and 280 Bergen provides top-quality accommodations and amenities in addition to its transit-friendly location,” said Daniel Ridloff, managing director, Slate Property Group. “Goose Property Management has an outstanding track record, and we’re thrilled to partner with them on this project.”
Rendering courtesy of Fischer Rasmussen Whitefield Architects.
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