Scale Lending provides $40M for Clinton Hill residential build

Ranger Properties and KD Sagamore secured loan for Fulton Street apartments

New York /
Sep.September 28, 2021 04:29 PM
Scale Lending provides $40M for Clinton Hill residential build

982-988 Fulton Street in Brooklyn and Slate Properties’ Martin Nussbaum (Google Maps, LinkedIn)

Developers Ranger Properties and KD Sagamore Capital Construction secured a $40 million construction loan.

The developers have teamed up on bringing a 113-unit multifamily property to 982-988 Fulton Street in Clinton Hill, Brooklyn. The project will be aided by the construction loan, which was provided by Scale Lending, according to the Commercial Observer.

The loan could help begin construction on what appears to be a difficult development for Ranger Properties. It appears the development on Fulton Street is similar to the location of 445 Grand Street, a nine-story building The Real Deal has previously reported was stalled for so long that instead of a building, a sapling has sprouted in its place.

Renderings for the building were revealed by architect Fogarty Finger more than two years ago. Ranger Properties even installed fencing, demolished the parking lot and built the foundation.

But the project was expected to be completed this past summer, which has come and gone without a start to construction. A falling out between two Ranger Properties executives seems to be the cause for the work delay, according to a lawsuit filed last month by the developer.

Ranger did not immediately return The Real Deal’s request for comment. The halted project on Grand Avenue is estimated to cost at least $72 million to complete.

Scale Lending, the financing arm of Slate Property Group, has been keeping itself plenty busy with loans amid the pandemic. The company closed on a $65.9 million construction loan in Astoria last week. In the last 18 months, Scale has financed in excess of $1 billion in loans for multifamily projects.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Terra Capital's Vik Uppal, RedSky's Benjamin Bernstein with 658 Driggs Avenue and 625 Driggs Avenue (Terra, ICSC, StreetEasy)
    RedSky founders accused of failing to repay bailout
    RedSky founders accused of failing to repay bailout
    (Getty)
    The conspiracy theories plaguing real estate
    The conspiracy theories plaguing real estate
    Jonathan Landau
    Jonathan Landau leaves Fortis to launch firm
    Jonathan Landau leaves Fortis to launch firm
    Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
    Oh, rats! Eric Adams contests summons for infestation
    Oh, rats! Eric Adams contests summons for infestation
    (Illustration by The Real Deal with Getty)
    TRD Pro: Is homebuilding really down?
    TRD Pro: Is homebuilding really down?
    From left: 290 Park Place and 28 Willow Street in Brooklyn (Getty, Google Maps)
    Historic townhouses top Brooklyn’s luxury market
    Historic townhouses top Brooklyn’s luxury market
    198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
    Avi Philipson deal to acquire All Year portfolio is back on
    Avi Philipson deal to acquire All Year portfolio is back on
    186 North 6th Street and 165 North 5th Street in Brooklyn (Avison Young)
    Co-living firm’s ex-flagship asks $65M
    Co-living firm’s ex-flagship asks $65M
    arrow_forward_ios

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

    Loading...