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
    Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
    Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
    Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
    Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
    Madison Realty’s altered plans for SI complex approved
    Madison Realty’s altered plans for SI complex approved
    Clockwise from left: Vornado's Steven Roth with 61-19 Junction Boulevard, Rego Park, Silverstein Properties' Larry Silverstein with 44-01 Northern Boulevard in Astoria and BEB Capital's Bert Brodsky with 1065 Atlantic Avenue in Bedford–Stuyvesant (Images via Google Maps, Getty Images, BEB Capital)
    Vornado, Silverstein propose major mixed-use projects
    Vornado, Silverstein propose major mixed-use projects
    Chinese developer willing to sell Manhattan supertall site at big loss
    Chinese developer willing to sell Manhattan supertall site at big loss
    Chinese developer willing to sell Manhattan supertall site at big loss
    MTA plans mixed-use redevelopment for Greenpoint waterfront
    MTA plans mixed-use redevelopment for Greenpoint waterfront
    MTA plans mixed-use redevelopment for Greenpoint waterfront
    Ex-partners’ feud stalls $140M development in Port Chester
    Ex-partners’ feud stalls $140M development in Port Chester
    Ex-partners’ feud stalls $140M development in Port Chester
    Rendering of the Meadowlands Sports Arena with Convention Center (Meadowlands 2040 Foundation)
    Convention center planned near American Dream mall
    Convention center planned near American Dream mall
    Scale’s $48M loan kicks off first phase of New Rochelle project
    Scale’s $48M loan kicks off first phase of New Rochelle project
    Scale’s $48M loan kicks off first phase of New Rochelle project
    arrow_forward_ios

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

    Loading...