SCALE Lending, a Slate Property Group affiliate, announced that it closed on a $40 million construction loan for 982-988 Fulton Street in Clinton Hill, Brooklyn, to finance the ground up construction of the residential project.
Located within walking distance from Prospect Park with access to the A and C subway lines, 982-988 Fulton Street (rendering top) will be a 130,000 s/f, 113-unit residential building in Clinton Hill, Brooklyn, 30 percent of which will be affordable housing. KD Sagamore & Ranger Properties is the developer of the project.
“SCALE continues to establish itself as the preferred lender for borrowers, using our tremendous experience and intimate knowledge of the submarket to efficiently close this deal while providing a great financing solution to the borrower,” said Daniel Ridloff, Managing Director of SCALE Lending. “This loan is the latest example of our belief in the New York City market and SCALE’s incredible momentum over the past 18 months.”
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