Rabsky and Spencer land $65M loan for Broadway Triangle project

Funds from unnamed lender will repay previous debts on the property

New York /
Nov.November 29, 2018 02:30 PM

A rendering of Broadway Triangle (Credit: Magnusson Architecture and Planning via Department of City Planning)

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group is forging ahead with an eight-building development in South Williamsburg’s Broadway Triangle, after a judge dismissed a discrimination lawsuit against the controversial project earlier this year.

Dushinsky, together with co-developer Joel Gluck of Spencer Equity, landed a $65 million loan from an unnamed financial institution for the project, according to documents filed with the Tel Aviv Stock Exchange.

The one-year loan will repay an existing $20 million loan on the property, originated by Signature Bank in 2015. Another $10 million will will be used to repay Gluck a portion of the money he fronted Dushinsky, leaving roughly $30 million in the pot after costs, according to the document. Gluck has provided Dushinsky with two loans, a $15 million loan that comes due in January, and a $20 million loan that comes due in April.

Under the terms of the new loan, which carries an interest rate of 4.5 percent over Libor, Dushinsky and Gluck have the option of increasing the debt to $80 million, and the lender has right of first refusal on the financing of a second stage of the two-block development.

Rabsky and Spencer are equal partners in Harrison Realty LLC, the owning entity of the project, which consists of 1,146 housing units — 287 of which will be affordable — and 65,000 square feet of retail.

Rabsky’s plan for the area has ignited several rounds of community disssent. After the city approved a rezoning that allowed the project to go through, several community groups sued claiming that the influx of market-rate apartments would discriminate against people of color. The suit was dismissed in July.

Rabsky and Spencer did not reply to requests for comment.


Related Articles

arrow_forward_ios
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Rabsky Group buying Gowanus parcel from Yoel Goldman for $95M: sources
Top Rock’s Uri Mermelstein and Joseph Yushuvayev with Forest Hills Jewish Center (LinkedIn, Google Maps, Getty)
Top Rock to buy huge Queens synagogue for tear-down
Top Rock to buy huge Queens synagogue for tear-down
Knotel's Amol Sarva, PhD (Getty Images, Amolsarva, CC BY-SA 4.0 - via Wikimedia Commons)
Knotel’s Amol Sarva now wants to extend your life
Knotel’s Amol Sarva now wants to extend your life
Mayor of New York City Eric Adams (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Eric Adams shreds dining sheds as city weighs permanent program
Eric Adams shreds dining sheds as city weighs permanent program
Group for the East End president Bob DeLuca and a plan of the Wainscott Commercial Center (Group for the East End, Stop Wainscott Commercial Center, Getty)
Put industry in Hamptons and this is what happens
Put industry in Hamptons and this is what happens
Pacific Oak’s Keith Hall and Savanna’s Christoper Schlank with 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
RJ Capital Holdings' Michael Abramov with 445 5th Avenue
TRD Pro: NYC’s busiest neighborhoods for alteration work
TRD Pro: NYC’s busiest neighborhoods for alteration work
Edison Properties' Jon Dario and 620 12th Avenue (Edison Properties, Google Maps)
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...