The Real Deal New York

RedSky refis DoBro development site with $127M Apollo loan

Site allows for 500K-plus sf project
By Rich Bockmann | April 13, 2017 03:45PM

Ben Bernstein and RedSky’s Fulton Street development site

RedSky Capital refinanced its Fulton Street development site in Downtown Brooklyn with a $127 million loan from Apollo Commercial Real Estate.

The Dumbo-based developer consolidated existing debt with the financing on more than a dozen properties on a triangular-shaped block that borders the massive City Point complex and the planned supertall rental tower at the site of  the former Dime Savings Bank, property records filed with the city Thursday show.

Representatives for RedSky and Apollo were not immediately available to comment.

RedSky, led by Ben Bernstein and Ben Stokes, has spent more than four years and $104 million putting together the assemblage, which stretches along Fulton Street between DeKalb and Flatbush avenues.

It includes 12 of 15 buildings along Fulton Street, and a thirteenth building at 396 Flatbush Avenue Extension. The Fulton buildings span from 547-589 Fulton Street, excluding 559, 563 and 571 Fulton Street.

Meanwhile, Fulton Mall is going through a transformation with the opening of the aforementioned City Point center and the upcoming 9 DeKalb Avenue, the supertall by JDS Development and the Chetrit Group. The developers landed a $135 million bridge and pre-development loan for the project earlier this year.

Fulton Street recently surpassed Williamsburg’s Bedford Avenue as the most expensive shopping strip in Brooklyn with median asking rents of $365 per square foot, according to the Real Estate Board of New York’s winter retail report.

Apollo last year lent $50 million to Leo Tsimmer’s Caerus Group on its acquisition of two Midtown office buildings at 4 and 10 East 34th Street.